Audit finds 22 of 23 taxpayer-backed ObamaCare co-ops lost money in 2014

[YellowSnow51]

WASHINGTON – Nonprofit co-ops, the health care law's public-spirited alternative to mega-insurers, are awash in red ink and many have fallen short of sign-up goals, a government audit has found.

Under President Barack Obama's overhaul, taxpayers provided $2.4 billion in loans to get the co-ops going, but only one out of 23 -- the one in Maine -- made money last year, said the report out Thursday. Another one, the Iowa/Nebraska co-op, was shut down by regulators over financial concerns.

The audit by the Health and Human Services inspector general's office also found that 13 of the 23 lagged far behind their 2014 enrollment projections.

The probe raised concerns about whether federal loans will be repaid, and recommended closer supervision by the administration as well as clear standards for recalling loans if a co-op is no longer viable. Just last week, the Louisiana Health Cooperative announced it would cease offering coverage next year, saying it's "not growing enough to maintain a healthy future." About 16,000 people are covered by that co-op.


http://www.foxnews.com/politics/201...r-backed-obamacare-co-ops-lost-money-in-2014/

 

[Vroom_C14]

 

[LunchBox50]

We get it -- you hate Obamacare.

 

[cigaretteman]

A trade group representing co-ops took issue with the report. It “reveals little in the way of new information about co-ops, and unfortunately relies primarily on 7-month-old data,” Kelly Crowe, CEO of the National Alliance of State Health CO-OPs, said in a statement. The group says total co-op sign-ups more than doubled this year, to more than 1 million people. That’s “helping many co-ops move closer to their initial goals,” she said.

http://www.dispatch.com/content/sto...rance-co-ops-are-losing-money-audit-says.html

 

[cigaretteman]

We get it -- you hate Obamacare.

It must be kind of depressing for Yellow and the right wing media, constantly cheering the thought of removing affordable health care choices from millions of Americans.

 

[THE_DEVIL]

A trade group representing co-ops took issue with the report. It “reveals little in the way of new information about co-ops, and unfortunately relies primarily on 7-month-old data,” Kelly Crowe, CEO of the National Alliance of State Health CO-OPs, said in a statement. The group says total co-op sign-ups more than doubled this year, to more than 1 million people. That’s “helping many co-ops move closer to their initial goals,” she said.

http://www.dispatch.com/content/sto...rance-co-ops-are-losing-money-audit-says.html

thanks for posting this to set the record straight.

 

[lawsonhawk]

thanks for posting this to set the record straight.

What do you mean setting the record straight? It's from the same article.

 

[THE_DEVIL]

What do you mean setting the record straight? It's from the same article.

What do you mean setting the record straight? It's from the same article.

Yes it is.
I mean exactly what I said

 

[cigaretteman]

What do you mean setting the record straight? It's from the same article.

The Fair and Balanced Fox News article omitted that paragraph.

 

[lawsonhawk]

Yes it is.
I mean exactly what I said

I didn't notice they were actually different, so no, they weren't the same. Ciggy's also left out 2 negative bullet points. The co-op rep has an invested bias as well so go ahead and pick the voice you listen too. The million could just as easily contribute to a $ sink hole if they're sick and/or subsidized.

 

[joelbc1]

It must be kind of depressing for Yellow and the right wing media, constantly cheering the thought of removing affordable health care choices from millions of Americans.

That part of the story never made in on FOX. It wasn't bad news and it can't be interpreted as another Obama failure. Therefore, FOX, being the fair and balanced news source it is, couldn't report it.

 

[HawksR1]

I didn't notice they were actually different, so no, they weren't the same. Ciggy's also left out 2 negative bullet points. The co-op rep has an invested bias as well so go ahead and pick the voice you listen too. The million could just as easily contribute to a $ sink hole if they're sick and/or subsidized.

The co-op dude added some info but did NOT ever say these govt funded entities are profitable. They sold insurance at too low of premium to survive their costs. They suffered from poor selection of patients. They did hold down rate increases here in Iowa that competitors could charge. Some of the fallout here is small insurers may not survive the low rate competition and thereby consolidate the Wellmarks and Uniteds position instate

 

[YellowSnow51]

It must be kind of depressing for Yellow and the right wing media, constantly cheering the thought of removing affordable health care choices from millions of Americans.

Who wants that? Not I. I've said from Day 1 that it shouldn't be repealed. Just that it's a bad way forward. And I continue to be proven correct.

Must suck to have to talk out of your recrum...getting your tongue covered with feces so often.

 

[iammrhawkeyes]

WASHINGTON – Nonprofit co-ops, the health care law's public-spirited alternative to mega-insurers, are awash in red ink and many have fallen short of sign-up goals, a government audit has found.

Under President Barack Obama's overhaul, taxpayers provided $2.4 billion in loans to get the co-ops going, but only one out of 23 -- the one in Maine -- made money last year, said the report out Thursday. Another one, the Iowa/Nebraska co-op, was shut down by regulators over financial concerns.

The audit by the Health and Human Services inspector general's office also found that 13 of the 23 lagged far behind their 2014 enrollment projections.

The probe raised concerns about whether federal loans will be repaid, and recommended closer supervision by the administration as well as clear standards for recalling loans if a co-op is no longer viable. Just last week, the Louisiana Health Cooperative announced it would cease offering coverage next year, saying it's "not growing enough to maintain a healthy future." About 16,000 people are covered by that co-op.


http://www.foxnews.com/politics/201...r-backed-obamacare-co-ops-lost-money-in-2014/

Maybe the co-ops could sell an aborted fetus or two to make ends meet. It is an accepted business practice and seems to work pretty well.