Did New Yorkâ€™s Obamacare Co-op Deliberately Mislead Regulators? (Pelosi knew)

The statement said "a subsequent NYDFS and CMS-led review of Health Republic's finances has found that the company's financial condition is substantially worse than the company previously reported in its filings to NYDFS."

The statement provided no further details on the new discoveries regarding the co-op, which received the largest single federal loan under the Obamacare health reform law. In addition to its original $265 million, the co-op received another $90 million in an emergency solvency loan funds from federal officials in September 2014.

The co-op previously reported it was burning through money at a disastrous rate. Its 2014 losses were $93.6 million, according to the National Association of Insurance Commissioners. In the first six months of this year, Health Republic lost another $53 million, bringing its net operating losses to nearly $150 million.

Some interesting info on the co-ops & why they are failing as the Democr@ps try to blame the Republicans (article points out it is ALL the Democr@ps fault):

Crocodile Tears Over The Failing Obamacare Co-Ops--The Canaries In The Obamacare Coal Mine

EXCERPTS from link (it's worth reading the whole article):

The biggest complaint seems to be that those mean Republicans forced these co-ops out of business because of a provision they included in the last budget. That provision capped what could be spent on the Obamacare risk corridor reinsurance provision for health plans losing money at the level of what was paid into the program by health plans making money. In other words, the Congress reminded the co-ops and the administration of something that was assumed all along - that the risk corridor provision had to be revenue neutral.

The specific complaint is that because of this Republican budget cap health plans got only 12.6% of what they asked for and expected to get under the risk corridor reinsurance program.

Said another way, the health plans, including these co-ops that lost money in Obamacare, lost it at a rate eight times greater than the relatively few health plans that made money under Obamacare, a difference of $2.5 billion!

So, are all of these co-op failures the fault of Congressional Republicans?

Now, Obamacare supporters complain this scheme was badly designed in the first place. This from Politico: The nonprofit co-op program was devised as a way to placate liberals who were irate that the health care law didn't include a government insurance option. Supporters say it was undermined from the outset, most notably when the original $6 billion funding was slashed by more than half. In addition, the plans were saddled with rules that prohibited them from using federal funds for marketing and restricted which customers they could go after.

Who wrote Obamacare? My recollection is that it was the huge Democratic majority.

Of course this was a terrible idea. And, the Democrats authored it all by themselves!

And, all of this was known at the beginning when Obamacare supporters were trumpeting co-ops as the consumer oriented solution that was going to show those hidebound insurance companies how to get the job done.

Quite candidly, anybody dumb enough to take the government money under these circumstances wasn't going to be smart enough to pull it off.

Let me also suggest that these struggling Obamacare co-ops are tantamount to the canaries in the Obamacare coal mine.

These plans are exclusively in the business of the Obamacare insurance exchanges. If you want to segregate the Obamacare insurance business model from the overall insurance business to examine it, the co-ops are pure Obamacare.

Just how well have all of the co-ops done?

As the Washington Post recently reported, of the 23 Obamacare insurance co-ops in business on June 30, 2015, each of them charted in the article, 20 of them were losing money - most of these relatively tiny insurance start-ups showed staggering losses in the range of $4,000,000 to $50,000,000!

Apparently, those lamenting having the original $6 billion for the co-ops "slashed" in half would have wanted to dump billions more into them.

But this debacle is the fault of Republicans who capped the reinsurance payouts after the administration had already said they were going to be capped under the law?

The administration recently said the 2016 Obamacare enrollment will yield only a total of about 10 million in total sign-ups, less than half of the total we were told would be enrolled when this program was originally sold to the country and only about half of those still uninsured and eligible for subsidies.

Now, the Obamacare co-ops are dropping like flies and it's the Republicans' fault.

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.