ObamaCare Nonprofit Co-Ops....Drowning In Red Ink

by JASmius



Of course they are.  And you know what THAT means: Here come the federal bailouts!:

Nonprofit co-ops – ObamaCare's alternative to big insurers – are bleeding red ink, with many falling far short of their sign-up goals, according to a government watchdog audit.

Under the healthcare reform law, taxpayers provided $2.4 billion in loans to get the co-ops going, but only one out of twenty-three – in Maine – made money last year, the report finds.

The audit by the Health and Human Services inspector general's office also found thirteen of the twenty-three were far behind 2014 enrollment projections.

"The low enrollments and net losses might limit the ability of some co-ops to repay startup and solvency loans, and to remain viable and sustainable," according to the audit.

Kentucky’s co-op, which is faring the worst, lost about $50 million; on enrollment, Arizona’s co-op signed up just 869 people, compared to a goal of about 24,000....

Oh, come on, falling 96.4% short of one's goal isn't THAT bad.....

Iowa and Nebraska’s co-op was shut down in February because of financial problems, and Louisiana’s co-op announced this week it wouldn't offer coverage next year.

I'd quote the Obama Regime's lame attempt to spin this latest debacle, but why bother, since we've heard the same BS countless times before?  Suffice it to say, this helps explain why the White House is essentially abolishing the inspector-general function throughout the federal government.  Can't have the American people finding out that his majesty's little socialized medicine hobby horses are death-spiraling down the fiscal drain even faster than their private health insurance carrier prey, now can we?