NYC CO OP ordered to close

[Sun Devil 92]

Yep.....more complication in a stupid mess.

 

[Sun Devil 92]

Another ACA CO OP closing.

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The nation’s biggest nonprofit health insurer spawned by the Affordable Care Act has been ordered to shut down as it reels toward insolvency, disrupting coverage for more than 200,000 New York state residents and becoming the fourth such co-op to collapse in recent months.

The action Friday to force Health Republic Insurance of New York out of business was a coordinated maneuver by state regulators and by federal health officials, who have been trying to nurture fledgling co-ops while dealing with the reality that most are hemorrhaging red ink.

New York health co-op ordered to close down

Any updates.....

I've looked but can't find any.

 

[Sun Devil 92]

Another ACA CO OP closing.

**********************************+

The nation’s biggest nonprofit health insurer spawned by the Affordable Care Act has been ordered to shut down as it reels toward insolvency, disrupting coverage for more than 200,000 New York state residents and becoming the fourth such co-op to collapse in recent months.

The action Friday to force Health Republic Insurance of New York out of business was a coordinated maneuver by state regulators and by federal health officials, who have been trying to nurture fledgling co-ops while dealing with the reality that most are hemorrhaging red ink.

New York health co-op ordered to close down

Just to remind people.

 

[Arianrhod]

Another ACA CO OP closing.

**********************************+

The nation’s biggest nonprofit health insurer spawned by the Affordable Care Act has been ordered to shut down as it reels toward insolvency, disrupting coverage for more than 200,000 New York state residents and becoming the fourth such co-op to collapse in recent months.

The action Friday to force Health Republic Insurance of New York out of business was a coordinated maneuver by state regulators and by federal health officials, who have been trying to nurture fledgling co-ops while dealing with the reality that most are hemorrhaging red ink.

New York health co-op ordered to close down

Just to remind people.

Of something that happened almost a year ago? Because y'all were too busy losing your minds over Benghazi to pay attention?

Make sure to post something about the GOP convention 10 months from now, too.

 

[Sun Devil 92]

Can't see what our board moron AIH posted. You need an antibody for stupid to handle it's posts.

But just making sure people see this one.

 

[Arianrhod]

Can't see what our board moron AIH posted. You need an antibody for stupid to handle it's posts.

But just making sure people see this one.

From last September.

 

[Sun Devil 92]

A sad reminder of the direction things have gone.

Of course, the warnings from the start were not heeded.

 

[Sun Devil 92]

2 Billion in loans.......tsk tsk.

The co-ops, which the law says must be "consumer governed" by boards elected by their customers, received nearly $2 billion in federal loans, including $145 million for to CoOportunity, The New York Times reported.

Although CoOportunity had seemed to thrive in the first year, with 120,000 customers in Iowa and Nebraska, the number was far more than the 15,000 it had initially prepared for.

CoOportunity had priced its plans too low and the excessive number of customers needed more medical care than expected, according to Nick Gerhart, Iowa’s insurance commissioner.

Gerhart took control of the co-op in December, and quickly deemed it was beyond saving.

While asking a court to liquidate it, he revealed that it had more than $150 million in liabilities, according to the Times.

The result was that tens of thousands of people had to scramble to find new insurance coverage while doctors, hospitals and other providers were left wondering whether they would ever get paid for their services.

"The co-ops weren’t inspired by a market need but a political creed," writes Gottlieb. "In the end, they served the latter master.

Breaking News at Newsmax.com Forbes: Obamacare's Low-Cost Co-ops Going Bankrupt