Feds Hide Secret List Of 11 Staggering Obamacare Insurers

Daily Caller ^ | 10/19/15 | Richard Pollock

[markomalley]

Federal officials have a secret list of 11 Obamacare health insurance co-ops they fear are on the verge of failure, but they refuse to disclose them to the public or to Congress, a Daily Caller News Foundation investigation has learned.

Just in the last three weeks, five of the original 24 Obamacare co-ops announced plans to close, bringing the total of failures to nine barely two years after their launch with $2 billion in start-up capital from the taxpayers under the Affordable Care Act.

All 24 received 15-year loans in varying amounts to offer health insurance to poor and low income customers and provide publicly funded competition to private, for-profit insurers. Among the co-ops to announce closings were those in Iowa, Nebraska, Kentucky, West Virginia, Louisiana, Nevada, Tennessee, Vermont, New York and Colorado.

Nearly half a million failing co-op customers will have to find new coverage in 2016. More than $900 million of the original $2 billion in loans has been lost.

The 11 unidentified co-ops appear to be still operating but are now on “enhanced oversight” by the federal Centers for Medicare and Medicaid, which manages the Obamacare program. The 11 received letters from CMS demanding that they take urgent actions to avoid closing.

Aaron Albright, chief CMS spokesman, said 11 co-ops “are either on a corrective action plan or enhanced oversight. We have not released the letters or names.” He gave no grounds for withholding the information from either the public or Congress.

CMS officials have stonewalled multiple congressional inquiries into the co-op financial problems. The latest congressional inquiry came in a September 30 letter to CMS acting administrator Andy Slavitt demanding transparency over the troubled program.

“We have long been concerned about the financial solvency of CO-OPs,” three House Ways and Means committee members wrote to Slavitt. “Which plans have received these warnings or have been placed on corrective plans,” the congressmen asked. To date, they have received no reply.

Insurance commissioners in Vermont were the first to refuse to license the federally approved co-op there in 2013 because they feared those financial plans were unrealistic. But then the dominoes began to fall this year, resulting in at least eight co-op failures. And if CMS officials are to be believed, more failures may be on the way.

Sen. Chuck Grassley , a senior member of the Senate Finance Committee who has been an outspoken critic of the troubled co-op program, said transparency should be a top priority for the faltering program.

“Since the public’s business generally ought to be public, CMS should have a good reason for not disclosing which co-ops are troubled,” he said.

Rep. Adrian Smith , chairman of the House Ways & Means oversight subcommittee on health wants to know which co-ops are in trouble.

“It’s time for CMS to stop shielding these failures from the public and start identifying faltering co-ops. Taxpayers deserve more accountability and consumers deserve to know whether the insurance they are forced to buy will still exist at the end of next year,” he said.

In creating the co-ops under Obamacare, Congressional Democrats exempted the co-ops from public disclosure rules that apply to publicly traded insurance companies and other publicly traded corporations on such exchanges as the New York Stock Exchange. Those rules require immediate disclosure of materially important financial details.

Any materially “significant event” by publicly traded corporations have to be disclosed in “real time,” according to the Sarbanes-Oxley Act of 2002.

The Securities and Exchange Commission identifies 18 “mandatory disclosure items,” for private corporations including “any material impairment of a company’s asset.”

The double standard rankles critics of the co-op experiment undertaken by the Obama administration. “The nonprofit co-ops advertise themselves as having a ‘market approach,’” said Sally Pipes, president of the Pacific Research Institute. “But if it’s a market approach, they are responsible to their shareholders and to the taxpayers to reveal the status of their business.”

Grassley agreed, saying “disclosure requirements on publicly traded companies would be a good guidepost for CMS on co-ops.”

Pipes said taxpayers are stockholders in the non-profit health insurance co-ops. “We are paying for it. We have a right to know. They don’t like to release things unless they’re forced to, particularly if it shows them in a bad light or their program to be in a bad light.”

Taxpayer groups also expressed anger over the government secrecy.

“There is no excuse why taxpayers should not know the names of the people and groups who misspent and wasted tax dollars on publicly financed health insurance co-ops,” said David Williams, president of the Taxpayers Protection Alliance.

“When anybody receives tax dollars, they have a responsibility to spend those dollars wisely and be held accountable for the expenditures. Transparency is the first step. CMS has a responsibility to all Americans to publish this information,” Williams said.

Grover Norquist, president of Americans for Tax Reform, said “as Obamacare continues to fail, those failures point right back to CMS. They don’t want people to see that failure and think if they hide it somehow we won’t hear about it.”

[Libloather]

Congressional Democrats exempted the co-ops from public disclosure rules

Soon after that, RATS exempted themselves from Husseincare.

[PGalt]

...five of the original 24 Obamacare co-ops announced plans to close, bringing the total of failures to nine barely two years after their launch with $2 billion in start-up capital from the taxpayers…

Socialism Is Legal Plunder - Bastiat

Totalitariancare ALERT!

CONgre$$?

[Liz]

Pelosi was orgasmic at the O/Care signing. Ut, oh. Harry's hands are not visible.

The Obamacare atrocity was a cunning vehicle for
consolidating Dummycrat power. Dems cashed-in bigtime.

(A) Michelle's buddy---botched the billion dollar web site rollout---still doesn't work.

(B) Harry Reid's $4 billion "accidental" payment to Landrieu is a clue to how the straight party-line vote got this atrocity passed.

(C) A multi-billion dollar slush fund---the Untraceable $8 Billion ObamaCare PR Budget---truly govt fraud at its finest.

Egged on by Pelosi, no one in Congress told Americans about Section 4002---which mandates an $8B untraceable fund to "promote" Obamacare (apparently b/c Boobamba had so little confidence in his signature legislation).

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........

....the reasons for all those O/Care delays, fixits, exemptions, waivers, extensions, etc, are becoming crystal clear.

[Liz]

Ding-a-ling Obama is at the center of the Obamacare deception, a con game he pulled off...... in lockstep w/ Democrat loyalists.

Obama ordered the obeisant Jonathan Gruber to find ways to game the CBO numbers (together w/ other “healthcare experts” in on the hoax) so that they could cook the books.

After all, Americans were too "stupid" to figure it out.

The preening Gruber and lamebrain Obama knew the "dirty little secret"---that Romneycare ripped off the federal govt (read taxpayers) to finance itself.

=====================================================

The ego-driven Gruber loved to pat himself on the back--He, a lowly MIT professor, was now in the company of the Big Boys---visitng the WH a dozen times--rubbing shoulders w/ lock-stepping liberals.

Anytime he found himself before an audience, the self-satisfied Gruber lapsed into his gleeful, endless showboating ...how passing Obamacare was accomplished over the concerns of those "stupid" Americans popping up at townhalls across the nation.

==============================================

THE SMOKING GUN---On July 20, 2009, Jonathan Gruber met with the POTUS in the West Wing. He was there almost four hours. This little gem clearly identified Obama as the source of the lie behind the "Cadillac Tax." The preening Gruber had fingered Obama in the deliberate lie con man Obama used to pass the healthcare atrocity.

[high info voter]

"“There is no excuse why taxpayers should not know the names of the people and groups who misspent and wasted tax dollars on publicly financed health insurance co-ops,” said David Williams, president of the Taxpayers Protection Alliance.

There's no reason we shouldn't cut the hell out of some of those rogue anti-accountablilty agencies

[relictele]

corrective action plan

Throwing good money after bad.

[SteveinSATX]

I'm starting to think that obarfo's definition of transparency is completely different.

"I have a saying that goes with that.."

[logi_cal869]

Well, now...

‘exposing them’ would permit non-insiders to vacate their holdings before those ‘insiders’ ensured they were safely vested elsewhere.

Ain’t rocket-science...