NEW REPORT: Multiple Obamacare Co-Ops Might FAIL THIS YEAR
The Daily Caller’s News Foundation has conducted a study which found that up to eight Obamacare co-ops could fail this year. Who could have predicted such a thing?
Here’s an excerpt from their report:
The 8 Obamacare Co-Ops Most Likely To Fail This Year
Eight of the 11 remaining Obamacare health insurance co-ops appear likely to fail this year, according to an analysis of financial documents obtained by The Daily Caller News Foundation.
Twelve of the original 23 federally-financed co-ops have already collapsed. The co-op program was funded with $2.5 billion in 2010.
“In general, there’s not a turnaround in sight. The same problems that plagued them before are continuing,” Thomas P. Miller, senior fellow at the American Enterprise Institute who previously served as the senior health economist for the congressional Joint Economic Committee, told TheDCNF.
Obamacare advocates hoped the tax-funded non-profit co-ops would successfully compete with for-profit commercial insurance companies and drive down healthcare costs and eventually become permanent fixtures in the marketplace.
State insurance regulators are already liquidating in the 12 states where the co-ops already have closed their doors.
In some states like New York, hospitals and doctors are facing hundreds of millions in losses that will not be covered by the assets of the failed co-op, Health Republic of New York.
If Obamacare collapses completely, will the left admit their error? Probably not.
What’s more likely, is that progressives will recommend a single-payer government healthcare system, which is what they really wanted in the first place.