Just occurred to me that this is an oxymoron.
Non-profits are not supposed to be profitable by definition or am I mistaken?
A better phrase might be they would not be financially viable.
Also it sounds like the state Division of Insurance told them that they were no longer viable not that they figured out for themselves that they could no longer operate.
That's 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.
This is of course the source of the problem. The Democrat’s rainbow and unicorns projections of the cost of the program and the numbers of young healthy people that would sign up for a high cost for a healthcare plan knowing that they likely would never use was wildly exaggerated and so the income for these unsold policies never materialized.
So the co-ops needed much more money from the federal government than projected and not just a few of the coops but all of them. This wiped out the federal fund that was to keep the co-ops going, making up the difference in come and expenditures until the coops were established.
Naturally the elaborate plans of the Magic Negro and the Legend in His Own Mind socialist economist that designed the ObamaCare Bill has quickly collapsed under the weight of a high number of heavy users of health care and a dearth of low users.
Was this an unforeseeable and unavoidable event or a well-executed plan? I think the latter. There were plenty of those on the Right that warned this would happen. Republicans were kept out of meetings for the writing of this legislation. Not a single Republican voted for the ObamaCare bill. The bill was pushed through using every trick in the parliamentary rule book. The numbers were deliberately fudged. The bill was passed during a lame duck session of congress which would allow those who had nothing to lose to vote for the bill and those returning to congress 2 years for their constituents to forgive and forget.
Yes if it wasn’t planed the Democrats can’t say they were not warned.