well... it's sure enough nonprofit all right
Posted on 12/26/2014 5:02:34 PM PST by lowbridge
An Obamacare-created and taxpayer-funded insurance company in Iowa has been taken over by the state due to a financial crisis.
CoOportunity Health is Iowa’s insurance cooperative — a nonprofit insurance company created by the Affordable Care Act to supposedly undercut the large, for-profit insurers that Democrats castigated as “greedy” and “evil” during the debate over health care reform.
After just beginning to offer plans in 2013, the company’s already insolvent and has now been taken over by the state of Iowa, insurance commissioner Nick Gerhart announced Wednesday. CoOpportunity doesn’t have enough cash on hand to be sure it can pay claims for its 120,000 customers, if necessary. The company has only $17 million in cash and assets, Gerhart said.
The federal government’s Obamacare administrator the Center for Medicare and Medicaid Services initially gave CoOportunity a $112 million loan award in Feb. 2012, but doled out an additional $32.7 million emergency award to keep the company solvent in September of this year.
That wasn’t enough to keep it in business. CoOpportunity’s management expected to receive more federal money than they did, putting them in continuing financial peril.
The nonprofit insurers were single-payer advocates’ answer to private insurance companies, which some argued hiked premiums just to pad their profits. But after its initial year of Obamacare, CoOportunity was struggling so much that it ended up having to up its premiums in Iowa by 19 percent on average.
(Excerpt) Read more at dailycaller.com ...
Wait till this baby is fully implemented
So in effect, Iowa has single-payer.
This was just another scheme to send cash to Obama supporters and donors, no doubt.
You’d have to be a complete right-wingnut knuckle-dragging neanderthal moron to be able to predict such a thing could ever happen to such a wonderful, idealistic scheme.
>> You’d have to be a complete right-wingnut knuckle-dragging neanderthal moron
Guilty as charged (minus the “moron” part, I hope)
Just as designed. That is what happens when you give coverage to those who are already sick. It’s like giving automobile insurance cover retroactive to a traffic accident.
First domino.
More to fall.
As Gruber stated, Massachusetts had Ted Kennedy to funnel $400 million a year to fund Romneycare. Was Tom Harkin the bagman Iowa CoOpportunity?
But did the directors and managers get their bonuses and golden parachutes before Christmas?
This is totally unexpected - who could have seen this coming?
well... it's sure enough nonprofit all right
Where’s my $2,500 check for this year?
Let’s see, federal government gives a $112 million loan award and an additional $32.7 million emergency award - that’s $144 million of our taxdollars spent, and in a bit over a year the insurer has $17 million in cash and assets left. Wow, Obama math is so successful - not! I just wish libs would throw away their money and not ours, because they’re spending our kids future money (via taxes to pay off debt).
I wonder when it gets through to the self-appointed genuises on the left that they fell for every single lie out of the mouth of Grubels; and the people they think are stupid (eg; us) refused to go along with any part of it and furthermore predicted literally every pitfall that has come from it.
So I guess they do not have to pay back the 112 Million dollar loan they got 2 years ago or the 32 Million they received this year?
All within the state, nothing outside the state, nothing against the state.
— Benito Mussolini
In the early 90’s when WA was considering a state wide Health insurance,my consulting co was hired by WA Medical Assoc. & WA Physicians Ins. to investigate how private insurance Co;s operated.
I found that the best had Admin costs of 8% the worst 14%. then WA decided not to do the Insurance thing, but the Doc’s wanted their own insurance co. I set it up, and put together the offering and the Doc's bought in with millions. then they wanted me to hire the CEO. I found a couple of very good candidates who had run similar state agencies.
But the Doc's wanted to interview the guy currently running the State Health care for “poor”. A bureaucrat, and against my recommendation hired him to run the now private company.
So what did this ex bureaucrat do but bring in the people who were previously on state assistance. In two years the company went Bankrupt, and the Doc,s lost millions.
Doc's are smart but generally not good at business side.
How many of the criminals involved with this “nonprofit” funneled money to the LIBs/DIMs? Criminals all.
140 mil?? Isn’t that 3.5 years of summer and Xmas vacations for the chosen ones? As I have been told, thats no big deal, it’s only money.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.