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Wednesday, October 14, 2015

Tennessee Closing Bankrupt ObamaCare Co-Op

by JASmius

This story almost doesn't need a lede, does it?:

Tennessee’s ObamaCare co-op said Wednesday that it will close at the end of December — becoming the sixth of twenty-three plans created under the [Una]ffordable Care Act to flop in the past year.

The Community Health Alliance, a co-op with 27,000 members, said that it reached its decision "after careful analysis of the company's current and future financial condition".... [emphasis added]

Meaning the handwriting was on the wall from day one and it took them this long to finally publicly admit it.

....and "lengthy discussions" with federal and State regulators, the Washington Post reports.

Meaning they tried desperately to talk the CHA out of closing its doors for fear of the wide dissemination of chortling opposition "See, we told you so!" posts like this one.

Last month, the federal government warned Tennessee officials of financial issues with Community Health, the Washington Examiner reports. Among them were failing to pay agents and brokers, as well as rising patient complaints. [emphases added]

Oh, piffle.  Just because the CHA couldn't pay any of their bills and their product was beyond crappy doesn't mean they were in any business difficulties.  And besides, aren't mandatory official totalitarian fictions and fiscal ruination and severe medical scarcity a small price to pay for "universal coverage"?

Here was the CHA's "business model," incidentally:

They have, however, been plagued by financial troubles since going online. The programs initially offer lower premiums to boost enrollment — but end up not having enough money to pay claims.

In the case of Community Health, the insurer raised its rates by 44%, the Examiner reports.

Thus leading to the rise in customer complaints.  The wonder is that seventeen of these clown carnivals are still in operation.  Though they won't be for long.

But, hey, it's only cost a couple of billion dollars so far.  Red Barry must have that much rattling around in one of his Oval Office couches.

Call it "Domestic Smart Power".

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