Obamacare has experienced stunning failure after failure, and the latest reports about failed co-ops in numerous states evidenced just that, along with the many people who have been adversely affected. The Daily Caller News Foundation reported: Only four of the original 24 Obamacare health co-ops remain standing after Maryland’s co-op announced Dec. 8 it was suspending the sale of individual health insurance policies, the Daily Caller News Foundation Investigative Group has found.
With the near-collapse of Maryland’s co-op — called Evergreen Health — at least 989,000 individuals nationwide have lost their health insurance coverage when the nonprofit co-ops stopped selling insurance to customers, according to TheDCNF’s tally. The losses cost taxpayers at least $2.2 billion in upfront federal loans awarded by the Obama administration to 24 nonprofit co-ops under Obamacare. The co-ops were intended to help keep health care costs down by providing non-profit competition with commercial for-profit insurers. The losses do not include statewide costs where the state or local governments were forced to cover doctor and hospital bills that the failed co-ops could not pay from remaining revenues.
In many cases, those losses were substantial. In New York alone, state taxpayers face at least $200 million in costs owed to medical providers that the bankrupt Health Republic co-op could not cover, according to the Albany Business Review. The Daily Caller News Foundation compiled a list of the damage in states where the failures occurred, along with how much the loans were for and how many people are now out of coverage as a result:
Arizona – $93 million in a loan, 59,000 lost coverage ;Colorado – $72 million in a loan, 80,000 lost coverage
Connecticut – $128 million in a loan, 40,000 lost coverage;Illinois – $160 million in a loan, 49,000 lost coverage
Iowa/Nebraska – $145 million in a loan, 120,000 lost coverage;Kentucky – $146 million in a loan, 51,000 lost coverage
Louisiana – $66 million in a loan, 17,000 lost coverage; Maryland – $65 million in a loan, 9,000 lost coverage
Maine – $132 million in a loan, a portion of 71,000 will lose coverage; Michigan – $72 million in a loan, 28,000 lost coverage
Nevada – $66 million in a loan, 63,000 lost coverage; New Jersey – $109 million in a loan, 35,000 lost coverage
New York – $265 million in a loan, 208,000 lost coverage; Ohio – $129 million in a loan, 22,000 lost coverage
Oregon – $61 million in a loan, 15,000 lost coverage; Oregon – $57 million in a loan, 21,000 lost coverage
South Carolina – $88 million in a loan, 67,000 lost coverage; Tennessee – $73 million in a loan, 29,700 lost coverage
Utah – $90 million in a loan, 56,000 lost coverage; Vermont – $34 million in a loan – never licensed