Nevada's Obamacare non-profit insurance co-op going belly up

[Vigilante]

As Nevada goes, so goes the future of Obumblecare! $66 MILLION of taxpayer money PISSED AWAY!

americanthinker.com ^ | 8/27/2015 | Rick Moran
Nevada Health CO-OP, a non-profit insurer created by Obamacare and given $66 million in start up loans, will cease operations on January 1 of next year. The cause of the co-op's downfall is attributed to "market realities." Duh.

 

[Hossfly]

As Nevada goes, so goes the future of Obumblecare! $66 MILLION of taxpayer money PISSED AWAY!

americanthinker.com ^ | 8/27/2015 | Rick Moran
Nevada Health CO-OP, a non-profit insurer created by Obamacare and given $66 million in start up loans, will cease operations on January 1 of next year. The cause of the co-op's downfall is attributed to "market realities." Duh.

They finally realized it's all part of a scam.
Time to pull up stakes and take the medicine show elsewhere.

 

[Arianrhod]

Ah, the Echo Chamber is in full throat today...

 

[Hossfly]

Ah, the Echo Chamber is in full throat today...

Don't let the noise give you a headache.Take an aspirin for that muscle pull.

 

[Arianrhod]

Ah, the Echo Chamber is in full throat today...

Don't let the noise give you a headache.Take an aspirin for that muscle pull.

Wow, profound. Why does the guy on Americanthinker look like he's straining to take a shit on that stump?

Now that he has access to better health insurance, maybe he can get help.

 

[B. Kidd]

The Nevada CO-OP CEO was paid $414,000 in 2013. Nice salary for a non-profit.
It lost 20 million a year with some of it being taxpayer money.
It was in the hands of the Culinary Union and UNITE HERE, which are total Obama-bots.
Obamacare, leading us to the promised land..........(more gory details below)..........

EDITORIAL: Labor groups, health insurance a toxic mix

 

[Arianrhod]

Seriously, can one of you guys send that guy some Ex-Lax or something? He looks as if he's in pain.

 

[BlueGin]

As Nevada goes, so goes the future of Obumblecare! $66 MILLION of taxpayer money PISSED AWAY!

americanthinker.com ^ | 8/27/2015 | Rick Moran
Nevada Health CO-OP, a non-profit insurer created by Obamacare and given $66 million in start up loans, will cease operations on January 1 of next year. The cause of the co-op's downfall is attributed to "market realities." Duh.

Won't be the last.

Plus BCBS is dropping out as a provider. If I find the article I will post it.

 

[Vigilante]

Ah, the Echo Chamber is in full throat today...

Don't let the noise give you a headache.Take an aspirin for that muscle pull.

Wow, profound. Why does the guy on Americanthinker look like he's straining to take a shit on that stump?

Now that he has access to better health insurance, maybe he can get help.

Because you're underneath him with your mouth open waiting for your FREE SHIT that your Commie President and that ******* jerk Sanders continues to offer you!

 

[Arianrhod]

^Wow, scintillating riposte there, Sparky. Years from now, when people wonder what happened to your side, all they'll have to do is read your posts and say "Ohhh, that's why they all went extinct."

 

[Vigilante]

^Wow, scintillating riposte there, Sparky. Years from now, when people wonder what happened to your side, all they'll have to do is read your posts and say "Ohhh, that's why they all went extinct."

I bet your wife calls you....

And he's dead...as is your intellect!

 

[longknife]

The local media here, including the local leftist rag, is totally ignoring this.

 

[Arianrhod]

The local media here, including the local leftist rag, is totally ignoring this.

So it's a non-story?

 

[Sun Devil 92]

Seriously, can one of you guys send that guy some Ex-Lax or something? He looks as if he's in pain.

Seriously ?

Are you going to provide an explanation for this waste of tax payer money ?

 

[Sun Devil 92]

The Nevada CO-OP CEO was paid $414,000 in 2013. Nice salary for a non-profit.
It lost 20 million a year with some of it being taxpayer money.
It was in the hands of the Culinary Union and UNITE HERE, which are total Obama-bots.
Obamacare, leading us to the promised land..........(more gory details below)..........

EDITORIAL: Labor groups, health insurance a toxic mix

Since when is a 20 million loss a problem for the far left or far right ?

He was only paid 414 K ??? I'm surprised they showed that much restraint.

 

[Arianrhod]

I love it when the only thing the TightyRighties can offer by way of "news" is an op-ed or a blog...

 

[longknife]

I love it when the only thing the TightyRighties can offer by way of "news" is an op-ed or a blog...

And I love it when a Leftist troll like you is unable to actually refute it with FACTS OR LOGIC.

 

[Sun Devil 92]

I love it when the only thing the TightyRighties can offer by way of "news" is an op-ed or a blog...

If you link to the article in the blog...you get more information.

I realize that is inconvenient for you.....

Here was an interesting bit from the Nevada paper:

Plus, the co-op made a critical mistake: Only Nevada allows enrollment in non-exchange plans outside of the federal sign-up period, which runs from Nov. 1 to Jan. 31. Most insurers require a 90-day wait to discourage people from going without a plan until they get sick, but the co-op started with no waiting period, then added a 30-day window in late 2014. That created a sicker — and pricier — member pool, Casale said.

"They bought bad business, and that was poor management," he said.

^^^^^^^^^^^^^^^^^^^^^^^^^^^

Oh...would you look at that. A 90 Day waiting period ?

And here was a something even better.......

But the co-op's biggest problem may have been its overhead. The U.S Health and Human Services Department's Inspector General pegged the co-op's administrative expense-to-premium ratio at 37 percent — almost double the 20 percent allowed under Obamacare.

Those costs included first CEO Tom Zumtobel's $417,000 annual salary — pay that might be reasonable for a local executive of a Fortune 100 insurer with a $100 billion market cap but is excessive for a small startup nonprofit with no members and less than $70 million in federal loans as its reserve, Casale said.

"They were the most top-heavy company in the marketplace," he said. "When it got out how much money their CEO was making, a lot of people were saying, 'Are you kidding me?'"

Zumtobel is now CEO of Arizona's co-op, Meritus Health Partners, which had an administrative expense-to-premium ratio of 134 percent in 2014, according to the inspector general. Zumtobel told the New York Times earlier this month that the co-op will lose $6.7 million in 2015, but be profitable in 2016.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

I thought Obummercare was supposed to lower overhead. Dude....!!!!!

Spare me the "blog" argument.

 

[Arianrhod]

I love it when the only thing the TightyRighties can offer by way of "news" is an op-ed or a blog...

If you link to the article in the blog...you get more information.

I realize that is inconvenient for you.....

Here was an interesting bit from the Nevada paper:

Plus, the co-op made a critical mistake: Only Nevada allows enrollment in non-exchange plans outside of the federal sign-up period, which runs from Nov. 1 to Jan. 31. Most insurers require a 90-day wait to discourage people from going without a plan until they get sick, but the co-op started with no waiting period, then added a 30-day window in late 2014. That created a sicker — and pricier — member pool, Casale said.

"They bought bad business, and that was poor management," he said.

^^^^^^^^^^^^^^^^^^^^^^^^^^^

Oh...would you look at that. A 90 Day waiting period ?

And here was a something even better.......

But the co-op's biggest problem may have been its overhead. The U.S Health and Human Services Department's Inspector General pegged the co-op's administrative expense-to-premium ratio at 37 percent — almost double the 20 percent allowed under Obamacare.

Those costs included first CEO Tom Zumtobel's $417,000 annual salary — pay that might be reasonable for a local executive of a Fortune 100 insurer with a $100 billion market cap but is excessive for a small startup nonprofit with no members and less than $70 million in federal loans as its reserve, Casale said.

"They were the most top-heavy company in the marketplace," he said. "When it got out how much money their CEO was making, a lot of people were saying, 'Are you kidding me?'"

Zumtobel is now CEO of Arizona's co-op, Meritus Health Partners, which had an administrative expense-to-premium ratio of 134 percent in 2014, according to the inspector general. Zumtobel told the New York Times earlier this month that the co-op will lose $6.7 million in 2015, but be profitable in 2016.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

I thought Obummercare was supposed to lower overhead. Dude....!!!!!

Spare me the "blog" argument.

So a private insurer can't manage its budget. Well, surprise, surprise, surprise. I bet its CEO will walk away with a nice big compensation package, though...

 

[Sun Devil 92]

I love it when the only thing the TightyRighties can offer by way of "news" is an op-ed or a blog...

If you link to the article in the blog...you get more information.

I realize that is inconvenient for you.....

Here was an interesting bit from the Nevada paper:

Plus, the co-op made a critical mistake: Only Nevada allows enrollment in non-exchange plans outside of the federal sign-up period, which runs from Nov. 1 to Jan. 31. Most insurers require a 90-day wait to discourage people from going without a plan until they get sick, but the co-op started with no waiting period, then added a 30-day window in late 2014. That created a sicker — and pricier — member pool, Casale said.

"They bought bad business, and that was poor management," he said.

^^^^^^^^^^^^^^^^^^^^^^^^^^^

Oh...would you look at that. A 90 Day waiting period ?

And here was a something even better.......

But the co-op's biggest problem may have been its overhead. The U.S Health and Human Services Department's Inspector General pegged the co-op's administrative expense-to-premium ratio at 37 percent — almost double the 20 percent allowed under Obamacare.

Those costs included first CEO Tom Zumtobel's $417,000 annual salary — pay that might be reasonable for a local executive of a Fortune 100 insurer with a $100 billion market cap but is excessive for a small startup nonprofit with no members and less than $70 million in federal loans as its reserve, Casale said.

"They were the most top-heavy company in the marketplace," he said. "When it got out how much money their CEO was making, a lot of people were saying, 'Are you kidding me?'"

Zumtobel is now CEO of Arizona's co-op, Meritus Health Partners, which had an administrative expense-to-premium ratio of 134 percent in 2014, according to the inspector general. Zumtobel told the New York Times earlier this month that the co-op will lose $6.7 million in 2015, but be profitable in 2016.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

I thought Obummercare was supposed to lower overhead. Dude....!!!!!

Spare me the "blog" argument.

So a private insurer can't manage its budget. Well, surprise, surprise, surprise. I bet its CEO will walk away with a nice big compensation package, though...

From the article:

Nevada Health CO-OP, a nonprofit insurer created by the Affordable Care Act and federally funded to offer health coverage through the Nevada Health Link marketplace, said Wednesday that it cannot make enough money to stay in business after Jan. 1.

&

That attempt may now cost taxpayers.

The co-op's federal loans — one with a five-year term; the other 15 years — went mostly to the Nevada Division of Insurance to ensure the organization could pay its claims. Profits to repay those loans have yet to materialize.

The state Division of Insurance didn't respond to a request for additional comment by press time Wednesday, so it's unclear if any money will be left after outstanding claims are paid.


^^^^^^^^^^^^

Yes, this a was a private company. ROTFLMAO

My previous post showed what happened to the CEO.

You just post without reading.

You are fast becoming a waste of time.