Posted on 09/27/2015 3:53:43 AM PDT by jalisco555
Syracuse, N.Y. -- A company that has enrolled more Onondaga County residents in private Obamacare health plans than any other insurer is going out of business.
The state has ordered Health Republic of New York to stop writing new insurance policies because regulators expect the company to become financially insolvent.
Existing individual Health Republic policies will remain in effect through Dec. 31, according to the state Department of Financial Services. Health Republic customers will be able to sign up with another insurer for 2016 coverage when open enrollment begins Nov. 1.
Health Republic enrolled 4,066 Central New Yorkers in its plans last year and has more than 200,000 customers statewide.
Health Republic debuted in 2013 and sold plans on the New York health insurance exchange to capture business created by the federal Affordable Care Act, also known as Obamacare, which requires nearly all Americans to have health insurance.
Health Republic enrolled more people statewide than any other insurer by offering low prices.
(Excerpt) Read more at syracuse.com ...
Like solyndra and many other scams this is a big one, millions upon millions of dollars into overnight companies that are set up to fail after of coarse they pay the vig to those who gave them the money. Can we say laundered
I think that they had planned for Republicans to be in the White House when the roof caved in.
Assurant Health, the provider who wrote private plans health insurance plans for Costco and USAA members is exiting the private health insurance market at the end of this year after losing millions. Assurant has 967,000 customers nationwide who will now have to find a new health insurance policy. Likely millions will lose their health insurance this year, as companies exit the market, but we will hear nothing in the media about the total affected nor will any of our GOP politicians use this fact to push for repeal.
This ONE issue is where Republican “leadership” failed their constituents AND the American People...
Had they passed COMPLETE repeal and replace in both houses and sent it to Obama to VETO, they would have the high ground to stand on now that the collapse begins in earnest...
The fix has been in since it’s inception... There can be no doubt...
the whole house of cards us coming down a piece at a time. The grand "social experiment" has failed as it always oes when a Marxist comes into power. He's running out of other prople's money and people are getting wise go the pyramid scheme in play. There's going to be a hell of a house cleaning that needs to be done after he leaves and America will never elect a president just because of his "swagger" and ability to smooth talk the gullible again.
Obviously each family in Onondaga didn’t save $2500 annually on their health insurance premium like Obama said they would.
A company launched in 2013 to offer Obamacare plans?
No wonder it failed.
I would have thought that was true after FDR but I wasn't.
People have short memories and little sense of history.
Too much time if front of the boob tube and too little in front of a book.
Is Obamacare Officially A Money Laundering Scheme?
dailycaller ^ | 09/25/2015 | Mytheos Holt /FR Posted by MarvinStinson
Could the failed Obamacare exchanges have been merely an excuse to direct payola to safely Democratic states?
Based on a new report from the Government Accountability Office, and the actions of acting head of the Center for Medicare and Medicaid Studies (CMS) Andrew Slavitt, the answer may well be yes.
Let’s start with the report. Americans for Tax Reform summarized its findings:
In all likelihood, officials were aware of the issues facing these states before exchanges launched. According to GAO, CMS conducted reviews on 15 state-based exchanges in August and September of 2013.
Even though these tests found multiple issues related to the functionality of state exchanges, CMS passed all states. GAO’s report notes several examples where CMS found a state to have severe operational deficiencies ahead of launch, yet officials ultimately ignored these findings. GAO found documentation revealing that officials were aware that Maryland’s exchange had 100 “outstanding high-priority defects” and almost 500 defects in total, while Massachusetts had reported 1,170 defects.
As the report concludes, these problems were so severe in four states (Massachusetts, Maryland, Nevada, and Oregon) that these exchanges had to rely on alternative ways to enroll customers during the first enrollment season.
While several exchanges have already defaulted back to the federal system, and many others have been characterized by severe operational problems and inept management, GAO reports that just over $1 million of the $4.5 billion of taxpayer money [spent on exchange grants] has been returned to the federal government. Got that? The Federal government spent $4.5 billion on grants to states building their exchange programs. And despite some states demonstrably failing to use that money, like Maryland ($125 million price tag) and Oregon (over $300 million price tag), the Federal government has only managed to recover $1 million of it.
—snip—rest at FR
Taxpayers still have not felt the “big bang” — the entire cost will zoom into the trillions to keep the behemoth afloat.
We need to recognize that this was a money-raking scam from Day One-—greedy politicians frequently use insurance to perpetrate scams to enrich themselves.
Now let’s examine the REAL reasons why the affordable US healthcare system was upended. Egged on by Pelosi, Democrats slavishly voted for Obamacare by an historic straigt-party line vote. It contained a massive, multi-billion-dollar slush fund that was deliberately kept hidden from us “stupid taxpayers”.
EXHIBIT ONE-— In the fall of 2009, Sen. Harry Reid (D-Nev.) was trying to get the necessary 60 Dimocrat votes to pass the Affordable Care Act. He needed every Dim on board, which gave waffling senators a great deal of leverage. In Landrieu’s case, she connivingly saw that selling her aye vote could get her maybe $200 million federal dollars. Obama complied. Reid chalked up another vote for Obamacare——not the measly $200 million but $4.3 billon was attached to the Obamacare bill earmarked for Landrieu.
How $4.3 billion to Landrieu was calculatedly attached to the Obamacare bill, and how Obama and Reid (cough) “failed to catch and fix it,” is yet another indictment of the Obamacare atrocity.
The $4.3 billion handoff to Landrieu should be investigated as an indication of how EVERY Democrat came to vote for Obamacare....and how tax dollars were laundered to get lock-stepping Democrats’ votes.
FBI TIPS PAGE https://tips.fbi.gov
EXHIBIT TWO -— The Untraceable $8 Billion ObamaCare PR Budget-—truly govt fraud at its finest.
O/Care is a huge money-laundering operation-—everybody got a cut. From F/L Michelle and her pal who made zillions botching the rollout web site using a phony company-—all the way to Obama admin insiders...Jonathan Gruber, and of, course, salivating Dumbocrats.
Not one Democrat told Americans about Obamacare’s Section 4002-—which mandates an $8B untraceable fund to “promote” Obamacare (apparently b/c Boobamba had so little confidence in his signature legislation).
THE PAYOFF—WHO GOT THE MONEY? In 2010 Taxpayers are extorted $500 million, in 2011, $750 million, 2012, $1 billion, 2013, $1.25 billion, 2014, $1.5 billion, and, in 2015 and on, $2 billion
<><> Where is all that money going?
<><> Was cashing-in the incentive in getting the thing passed?
The sound of West Wing wire-transfers to states and to offshore banks is almost palpable.
REFERENCE—ACA SEC. 4002. PREVENTION AND PUBLIC HEALTH FUND.
(a) PURPOSE. It is the purpose of this section of the Affordable Care Act (Obamacare) to establish a Prevention and Public Health Fund (referred to in this section as the ‘‘Fund’’), to be administered through the Department of Health and Human Services, Office of the Secretary, to provide for expanded and sustained national investment in prevention and public health programs to improve health and help restrain the rate of growth in private and public sector health care costs.
(b) FUNDING.—There are hereby authorized to be appropriated, and appropriated, to the Fund, out of any monies in the Treasury not otherwise appropriated—
(1) for fiscal year 2010, $500,000,000;
(2) for fiscal year 2011, $750,000,000;
(3) for fiscal year 2012, $1,000,000,000;
(4) for fiscal year 2013, $1,250,000,000;
(5) for fiscal year 2014, $1,500,000,000; and
(6) for fiscal year 2015, and each fiscal year thereafter, $2,000,000,000.
(c) USE OF FUND.—The Secretary shall transfer amounts in the Fund to accounts within the Department of Health and Human Services to increase funding, over the fiscal year 2008 level, for programs authorized by the Public Health Service Act, for prevention, wellness, and public health activities including prevention research and health screenings, such as the Community Transformation grant program, the Education and Outreach Campaign for Preventive Benefits, and immunization programs.
(d) TRANSFER AUTHORITY.—The Committee on Appropriations of the Senate and the Committee on Appropriations of the House of may provide for the transfer of funds in the Fund to eligible activities under this section, subject to subsection (c).
EXHIBIT THREE — IRS Watchdog: $67 Million Missing from Obamacare Slush Fund
ATR ^ | 9/25/13 | John Kartch / FR Posted by Libloather
WASHINGTON, D.C. – The IRS is unable to account for $67 million spent from a slush fund established for Obamacare implementation, according to a Treasury Inspector General for Tax Administration (TIGTA) report released today.
The “Health Insurance Reform Implementation Fund” (HIRIF) was tucked into Obamacare in order to give the IRS money to enforce the tax provisions of the healthcare law. The fund, totaling some $1 billion of taxpayer money, was used to roll out enforcement mechanisms for the approximately 50 tax provisions of Obamacare.
According to the report: “Specifically, the IRS did not account for or attempt to quantify approximately $67 million [from the slush fund] of indirect ACA costs incurred for Fiscal Years 2010 through 2012.” The report also found several other abuses of taxpayer funds, including: (Excerpt) Read more at atr.org ...
WHERE IS THE MONEY?
FBI TIPS PAGE https://tips.fbi.gov
Just wait till next year. Proposed premium increases by as much as 30%. Whether insurers will get that much is a question. Regardless, we are in for sticker shock:
http://money.cnn.com/2015/06/02/news/economy/obamacare-rates/
that bravado sounds good but overlooks the salient historical point
a bill killing obamacare could not pass the senate that had a majority of Republicans but not the 60 votes to overcome filibuster
Actually, all the GOP is doing is waiting until this is really screwed up and dire consequences impacting people....then say single-payer is the only option left. It’s almost comical how both parties crafted this scenario....to get us to single-payer. They both want it.
“Health Republic was started by the Freelancers Union of Brooklyn, which sells insurance to freelance workers. The union received $174.4 million in federal money to set up the New York co-op and another $167 million to start co-ops in New Jersey and Oregon.”
What a payoff. These Democrat Party workers-all of them- made 30 or 40 million for keeping an office open a few years. None of the funds had to be paid back.
http://khn.org/news/health-coop-cooperatives-federal-loans/
"Wait, you mean we have to pay out money to doctors? But these people are all sick!"
All they had to do is drop the mandate. Competition would take care of setting a fair price. People would have incentive to not depend on the nanny health state for stuff they don’t need because “it’s covered”.
never heard of it... and i'm willing to bet damn near nobody outside the county participates with it either
Oh yes, yes they will. I assure you.
It’s simple when you have an invisibility cloak to get away with anything.
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