Obamacare health insurance co-ops are Failing :
Federal officials have a secret list of 11 Obamacare health insurance co-ops they fear are on the verge of failure, but they refuse to disclose them to the public or to Congress, a Daily Caller News Foundation investigation has learned.
Just in the last three weeks, five of the original 24 Obamacare co-ops announced plans to close, bringing the total of failures to nine barely two years after their launch with $2 billion in start-up capital from the taxpayers under the Affordable Care Act.
All 24 received 15-year loans in varying amounts to offer health insurance to poor and low income customers and provide publicly funded competition to private, for-profit insurers. Among the co-ops to announce closings were those in Iowa, Nebraska, Kentucky, West Virginia, Louisiana, Nevada, Tennessee, Vermont, New York and Colorado.
Nearly half a million failing co-op customers will have to find new coverage in 2016. More than $900 million of the original $2 billion in loans has been lost.
The 11 unidentified co-ops appear to be still operating but are now on “enhanced oversight” by the federal Centers for Medicare and Medicaid, which manages the Obamacare program. The 11 received letters from CMS demanding that they take urgent actions to avoid closing.
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