Doc110 Loc: York PA

10/30/2015 Obamacare Is A Disaster: Co-Op Insurers Across America Are Collapsing, And Now There Is Fraud
http://www.zerohedge.com/news/2015-10-30/obamacare-disaster-co-op-insurers-across-america-are-collapsing-and-now-there-fraud

Two weeks ago we reported that in what at the time was still a rather isolated incident, Colorado's largest nonprofit health insurer (aka co-op), Colorado HealthOP is abruptly shutting down, forcing 80,000 Coloradans to find a new insurer for 2016. http://www.zerohedge.com/news/2015-10-16/obamacares-latest-casualty-largest-colorado-exchange-abruptly-collapses

At the time, we said that the health insurer had been decertified by the Division of Insurance as an eligible insurance company because the cooperative relied on federal support, and federal authorities announced last month they wouldn't be able to pay most of what they owed in a program designed to help health insurance co-ops get established.

In other words, one of the 24 co-ops funded with Federal dollars and created to give more policyholders control over their insurers - especially those who wished to stay away from various corporate offerings, had failed simply because the government was unable to subsidize it: the same government that spends $35 billion in global economic "aid" but can't support its most important welfare program. http://www.zerohedge.com/news/2015-10-29/us-spends-35-billion-global-economic-aid-where-does-all-money-really-go

Fast forward to today, when we learn that another co-op, this time New York's Health Republic Insurance - the largest of the nonprofit cooperatives created under the Affordable Care Act - is not only shuttering, but was engaging in fraud.

The fate of Health Republic Insurance was first revealed a month ago when the WSJ reported it would shut down after suffering massive losses "in the latest sign of the financial pressures facing many insurers that participated in the law’s new marketplaces.”

http://www.wsj.com/articles/regulators-to-shut-down-health-republic-insurance-of-new-york-1443222742
http://www.wsj.com/articles/regulators-to-shut-down-health-republic-insurance-of-new-york-1443222742


The insurer lost about $52.7 million in the first six months of this year, on top of a $77.5 million loss in 2014, according to regulatory filings. The move to wind down its operations was made jointly by officials from the federal Centers for Medicare & Medicaid Services; New York’s state insurance exchange, known as New York State of Health; and the New York State Department of Financial Services.
 
In a statement, Health Republic said it was “deeply disappointed” by the outcome, and pointed to “challenges placed on us by the structure of the CO-OP program.”
 
Health Republic has about 215,000 members, with about half holding individual plans and half under small-business coverage, a spokesman for the insurer said.

Today we learn that not only was this largest Co-op insolvent, it had also committed fraud. According to Politico, the collapsing insurance company that is creating headaches for hundreds of thousands of New Yorkers, misled state and federal officials about its finances, and will not be able to remain in business through the end of the year as originally hoped.

Health Republic’s finances ‘substantially worse’ than reported
http://www.capitalnewyork.com/article/albany/2015/10/8581360/health-republics-finances-substantially-worse-reported

Because incompetence is one thing, but corruption: now that's real government work, right there.

The accelerated wind down is clearly a problem: the more than 200,000 customers insured with the co-op will lose their coverage Dec. 1, and must find a new plan by mid-November, according to the state and federal government.

Health Republic insures about 20 percent of the state's individual market.

As Politico adds, the plan had been for Health Republic to make it through the end of the year. As recently as last week, company officials said there was enough in cash in reserve. But that apparently wasn't true.

Health Republic's finances are "substantially worse than the company previously reported in its filings," according to the state Department of Financial Services, which oversees insurance in New York, and the Centers for Medicare and Medicaid Services.

One wonders just how much of the over $100 million "lost" in under two years was due to incompetence, and how much due to pure embezzlement by the co-ops operators. Somehow we doubt we will find the answer where this taxpayer money has gone.

This does, however, lead to a more serious question: the implosion of Health Republic is merely the latest in what has become an epidemic of governmental failure.

In fact, there are a total of ten co-ops, all of which were created by the Affordable Care Act and seeded with billions in federal funding, that have now failed, leading to questions whether the entire business model underpinning Obamacare is un-sustainable for everyone but a select few corporations.

For some more thoughts on this disturbing, if perfectly predictable epidemic, we go to Forbes' Edmund Haislmaier who answers "”

Cooperative health insurers (or co-ops) created under a federal grant and loan program in the Affordable Care Act seem to be falling like dominoes. http://www.forbes.com/sites/theapothecary/2015/10/29/why-obamacare-co-ops-are-failing-at-a-rate-of-nearly-50/
 
It started in February, when CoOportunity Health, which operated in Iowa and Nebraska, was ordered into liquidation. In July, Louisiana’s insurance department announced it was shuttering that state’s co-op. The following month brought news that Nevada’s co-op would also close.

On September 25, New York ordered the shutdown of Health Republic Insurance of New York, which had the largest enrollment of all of the co-ops.

Then, within the space of a week in mid-October, the number of failures doubled from four to eight, as state insurance regulators announced that they were closing the co-ops in Kentucky, Tennessee, Colorado, and one of the two in Oregon.

Last week came news that South Carolina’s co-op will be closed, followed this week by the announcement that Utah’s co-op is also being shut down.
 
In sum, of the 24 Obamacare co-ops funded with federal tax dollars, one (Vermont’s) never got approval to sell coverage, a second (Co - Oportunity) has already been wound down, and nine more will terminate at the end of this year.
 
So what is behind this, so far, 46 percent failure rate?
 
To start with, the program was a congressional exercise in not merely reinventing the wheel, but doing a bad job of it.
 
Far from being a new idea, member-owned insurance companies—called “mutual” insurers—have a long history. For instance, life insurer Northwestern Mutual has been in business for over 150 years. Health insurers organized as mutual companies include, among others, Blue Cross plans in 10 states.

Indeed, one of them, Florida Blue, converted into a policyholder-owned mutual company just last year. If having more health insurers owned by their policyholders was the goal, then there was no need for federal government action.
 
On the other hand, if the goal was to increase competition by stimulating the creation of new health insurers, then the ACA’s co-op program was, like other parts of the legislation, badly designed.
 
* * *
 
The program offered federal loans and grants to startup insurers but required that they be non-profits, not have anyone affiliated with an existing health insurer on their boards, and not spend any of their federal funding on marketing.
 
Co-ops are also subject to another provision of the ACA requiring all health insurers to pay out in claims at least 80 percent of premium revenues, or refund the difference to policyholders. By law, insurers can retain no more than 20 percent , out of which they must fund sales and administrative costs before booking any remainder as free cash.

That significantly constrains a non-profit carrier’s ability to accumulate capital needed for growth, as it can’t raise funds through equity or debt offerings.
 
As if that wasn’t daunting enough, the law also required co-ops to focus “substantially all” of their activities on offering health insurance in the individual and small group markets—just as other provisions of Obamacare were thoroughly disrupting those markets by imposing new rules on insurers and complicated new payment arrangements for many of their customers.
 
Given all of the foregoing, 10 co-ops failing within two years is less surprising than the fact that 23 of them actually got to market in the first place.

As we pointed out two weeks ago, following this avalanche of failures, it will merely force even more individuals into plans offered by corporations, who as a result of the failure of their co-op competitors will have even more pricing power and premium hiking leverage.

Which means that "sticker shockers" such as the one below kindly informing them their health insurance premiums are rising by 60% crushing any desire to splurge modest "gas savings" on discretionary purchases...

... will only get worse, as the premium increase even more with every passing year, as more Co-Ops fail, as more of the publicly-held insurers merge, and as a single-payer system, one which benefits not taxpayers but a select handful of shareholders, becomes the norm.

Haislmaier's take: "The bottom line: Obamacare has made health insurance costlier and the business of offering it riskier. To survive in that new world, health insurers need to be cautious, or even pessimistic, and hope that their customers can continue to pay escalating premiums. It’s not a pretty picture.”

It isn't but what are customers going to do: after all the "Affordable Care Act" is a tax (one which "boosts" GDP every quarter no less) and you must pay it by law; sadly the Supreme Court forgot that when it makes a service mandatory, corporations can charge any price they want. 

And that's precisely what they are doing.
http://www.zerohedge.com/news/2015-10-29/and-biggest-contributor-q3-gdp-was

Bad Bob Loc: Virginia

Hey Doc, why don't your Reflubs fix it or repeal it?

Ricko Loc: Florida

BadBob-it is a democrat dream turned into their worst nightmare. Anyone with common sense knew from day one that this could not work. Obamacare, like Iraq, is one of Obama's finest accomplishments and he will not allow anyone to dismantle it as long as he is on the throne. Gruber had it right, democrat supporters are too stupid to understand they have been taken for a ride. He and his fellow culprits were paid hundreds of thousands by the democrats to literally screw the public. This is just the beginning as the real premium increases start in 2016 and maybe democrats will get the message when they have to either pay the piper or go without insurance. Good Luck America !!!

Doc110 Loc: York PA

Boob how the hell are you ?

Boob, I'm an Independent conservative v**er, how many times do I have to tell you . . . I left the Republican party back in the 90's.

I see you resurfaced, to let out, some nonsense liberal hot air and to do some liberal preaching and espouse some "Do•Gooderism," once again. Without knowing any facts, to support your statement and a non-reply to the Post Article and with your typical "One-liners" . . .

Obamacare Is A Disaster: Co-Op Insurers Across America Are Collapsing, And Now There Is Fraud

Boob, the Obama care enrollment numbers are down, and if the ACA does not get to 95% enrollment numbers, currently they are at 39%. Then over time it collapses and implodes in on It's self.

So I and others don't have to do anything, but to wait . . . . for the "Implosion."

The Graphs from the NYTimes nails it on the head. But does not explain the enrollment numbers on the real ACA figures and the skyrocketing healthcare costs. Or the reason why ordinary working poor Americans are not enrolling ?


Boob, Obamacare, It's a pyramid scheme - "A true red-white-and-blue" Ponzi scheme. Before Obamacare: 15 to 20 Million Americans and I*****l A***ns had no health care, but would be seen and cared-for at hospitals at no cost.

Currently the total Medical uninsured are at 33 Millions without healthcare and I******s are on Obamacare, but I*****l A***ns Immigrants now have access to healthcare with out having to pay anything. But when the ACA Law was passed I*****l A***ns Immigrants were not allowed on the ACA.

Boob, Give it more time and Obamacare will do just that, implodes in on It's self . . .

Boob, I Don't have to do anything, except to watch it fail:
1. State by State.
2. Tax increase by tax increase.
3. State Co-Op by State Co-Op.
4. Enroll numbers by enrollment numbers.
5. American Dissatisfaction by American Dissatisfaction.

Obamacare was a accident waiting to happen when it was written and as it was implemented by "Do•Gooders," and the democratic and by the Obama Administration. The ACA was poorly thought-out and poorly implemented and poorly executed by Obama - Democrat "Do•Gooders."


It was a "Do•Gooders" Lame-brain Hillary-Care plan back in the early 90's that was resurrected by in 2010 by Obama and the democrats, who pushed the ACA down the American throats, by "Do•Gooder" Democrats without "Bipartisan support or Input, without any republican v**es.

"Hey just pass the ACA healthcare bill without reading the bill, and we will see what's in it after it passes. It's call “Do•Good•ism,” at it's American finest hour.


8/17/203 Definition: “Do•Gooders”, “Do•Good•ism” and "Do•Gooda"

Definition: "Do•Good•er•ism" (ˈdu•gʊd•ɪz•əm) also "Do•Good•Er•Ism" (du•ˈgʊd•ə•ˌrɪz•) Noun   
http://www.thefreedictionary.com/do-goodism 

1. The actions or attitudes of a "Do•Gooder."  This kind of "Do•Gooderism•Thinking” is spreading across the country. It’s easy to see how “Good•Intentions” can lead to bad results such as "Do•Gooderism".

2. Attitudes or actions of well-intentioned a "Do•Gooder" but sometimes ineffectual people, especially in the area of social and political reform.

Definition:  "Do•Good•er" (du•gʊdˌ•ər) Noun  
http://www.thefreedictionary.com/do-gooder 

1. A naive person who's well-intentioned proposals fail to take into account their repercussions, a "Do•Gooder."  We must not enforce policies with simply good intentions, we have to take into account the larger picture or economic ramifications, because It's not their money, It's your money and taxes that they are spending.

2. A person who wants to "Do•You•Good"; As in, take your money, property, and personal freedom. Usually a liberal or a l*****t in political orientation. "Do•Gooder" do very well for themselves, usually by cashing in on government grants and private donations.

3. A white liberal. Someone who knows what is best for everyone else, and dev**es his life to shoving it down our throats, a "Do•Gooder." Someone like Hillary Clinton is a "Do•Gooder" who wants to make us all pay for medical care for lazy bums who piss their lives away spray painting graffiti on other people's property. http://www.urbandictionary.com/define.php?term=do-gooder

4.  A naive idealist who supports philanthropic or humanitarian political causes or reforms a "Do•Gooder."  http://www.thefreedictionary.com/do-gooder

5. Informal, usually disparaging a well-intentioned person, esp a naive or impractical one a "Do•Gooder."  http://www.thefreedictionary.com/do-gooder

6. A well-intentioned but naive and sometimes ineffectual social or political reformer a "Do•Gooder." Someone dev**ed to the promotion of human welfare and to social and political reforms.  http://www.thefreedictionary.com/do-gooder

7. See Bleeding heart liberal a "Do•Gooder."  Someone who thinks they are helping society by championing oppressed minority groups, when in fact they are ruining society and crippling free speech.  Get a job, you stupid woman!
http://www.urbandictionary.com/define.php?term=do-gooder

8. An earnest but often naïve person "Do•Gooder" (typically educated and white) who wants reform through philanthropic or egalitarian means. e.g. wealth redistribution, social justice, welfare, third world immigration, adoption of "disadvantaged" children (usually non-white and from abroad), affirmative action and spending other peoples' money for good causes. See also white guilt.  "Do•Gooders" always mean well but may misinterpret opposing preferences to be r****t, cold, intolerant or greedy.

They genuinely want human development & positive environmental awareness, although the methods are a source of debate. "Do•Gooders" can be and typically either liberal - left - progressive - socialists - “social conservative” (as opposed to fiscal conservative).   
   
For some, issues such as "ethnic diversity" & "m**************m" are a religious calling, but they generally don’t have the same burden for promoting it in countries apart from western ones - and don't feel that having a lack of ethnic diversity is a crime for any non-european countries (e.g. Japan).

A few inherent contradictions may exist with "Do•Gooders" such as the fact that literal "m**************m" would instead favor separation of ethnic or cultural groups to maintain “diversity”. Some subconsciously believe that decreasing the "european-descent" portion of the population pie is indicative of western progress.

"Do•Gooder" methods do not always create the positive outcomes intended. The t***sfer of money from one group of people to another is usual… characteristic.

9. A pesky pinko/wooly liberal, a "Do•Gooders"more concerned with uber-censorship and helping everyone who the liberal media has tricked them into thinking needs help. This,naturally, means ethnic minorities and people with disabilities.

10. Pretty much all affirmative action incentives a "Do•Gooders" may please Minorities, but fail to take into account that welfare is an addictive cycle, and that Minorities are hurt if they are given advantages over others.

It creates a more unequal society, one where to our welfare and education system Race and Ethnicity is stressed more then anything else. It suggests that minorities would be unable to help themselves, and that is prejudice, i thought we wanted everyone to have equal opportunity and rights, isn't that what reconciliation is about? 
http://www.urbandictionary.com/define.php?term=do-gooder

Naive idealist, a "Do•Gooders" who supports political and social thinking causes or reforms!  They are ineffectual people, who's well-intentioned proposals fail to take into account their long term repercussions of political or social endeavors using the liberal media to forum where ideas, views are exhorted on a particular issued which are exchanged and are championed.

Often times the facts are exacerbated which pressure existing social issues and political laws. "Do•Gooders" rewrite and pass new legislative laws, when common sense and existing laws just need to be enforced. The new laws are more complicated and restrictive on your civil rights.
 
Definition:  "Do•Good•a" (ˈdu•gʊdˌ•ah•)  Noun http://www.urbandictionary.com/define.php?term=Dodged 

Someone who puts there nose in other people personal and financial business like immigration, affirmative action, welfare, Obamacare and taxes. The Democratic Congress, Hillary and Obama is such a "Do•Gooda."
 
Definition:  "Do•Good•Shat" (ˈdu•gʊdˌ•shat•)  Noun 
http://www.urbandictionary.com/define.php?term=do%20good%20shat
 
1. A expression of the language of do - AKA do language

2. Do everything and anything that can not only be good, but also can be good shat. Can be used in any variation, form, style, prose, accent.  "Do•Good•Shat" is always do good shat, but it's at its best when said with a Caribbean beach accent, which immediately satisfies the human race." Krakage:  It’s "Do•Goods•Shat. (Caribbean beach voice)    
         
Definition: Shat, ('Shat') Noun
http://www.urbandictionary.com/define.php?term=do%20good%20shat

1. Old english past tense of s**t. And lo, he was shat upon, and he did weep for his misfortune.

2. Past tense of ("To•S**t") I shat myself. The past tense of "s**t"; to have taken a s**t. Upon smelling a really nasty fart: "Ewe...who shat themselves?"

I, We digress all . . . this conversation. . . “Do•Gooders”, “Do•Good•ism” and "Do•Gooda"

Bad Bob Loc: Virginia

No problem Ricko, all your Congress has to do is find something better.

Bad Bob Loc: Virginia

Doc110 Loc: York PA

Boob, but the Democrats came up with this lame-brained ponzi-scheme.

Law Suits are flying in two of these states.

10/30/2015 ARE BLUE STATES CASHING IN ON FAILED OBAMACARE EXCHANGES?

http://patriotupdate.com/are-blue-states-cashing-in-on-failed-obamacare-exchanges/

Obamacare's Blue States Money Laundering: Failed exchanges to facilitate the creation of Democrat slush funds?
http://www.onepoliticalplaza.com/t-54409-1.html

Blade_Runner Loc: DARK SIDE OF THE MOON

Naw, just leave it alone. When your enemy is committing suicide, no need to interfere.

Doc110 Loc: York PA

As you're usual self, No critical thinking sk**ls, and only one liners and photos, It's time that you left the surface and submerge again for a while boob when you might have something to say from your diarrhea-regurgutated-brain-cell that are on liberal life support.

Feeble attempt, boob.

Ricko Loc: Florida

badbob-they already have something better. However, your idol will not allow anyone to tamper with his prize achievement. Another SNAFU by the boy from Kenya. Good Luck America !!!

Nickolai

The insurance lobbyist wrote it they should wrote it better, Time for a one payer system and shut the insurance companies down. Get rid of them

Nickolai

It was invented by the Heritage Foundation the biggest conservative think tank another bad Republican idea when will democrats learn not to adopt bad republican ideas

Blade_Runner Loc: DARK SIDE OF THE MOON

And, shut down the hospitals, clinics, and medical profession, leave healthcare to government bureaucrats and to hell with human beings, right?

Blade_Runner Loc: DARK SIDE OF THE MOON

When will democraps learn anything?

Nickolai

Or we could go back to when e ere spending !7 % of GDP on health care and 50 million citizens had no health insurance and every industrialized nation on earth have universal Health care and al their citizens are covered and no nation spends more that 10% of GDP