No for profit can survive in competition against a government program. With no profit motive and an endless ability to print money the government can mandate expensive medical benefits that it doesn’t ever pay for but the private plan needs to provide, at a government mandated fee. The government will them accuse the private plans of failing due to their own greed in trying to make a profit.
I would love to see Jon Lovitz do an imitation of Obama as the compulsive liar. “That’s the ticket!”