Obamacare Is A Disaster: Co-Op Insurers Across America Are Collapsing, And Now There Is Fraud

Zero Hedge ^ | 30 October 2015 | Tyler Durden

[Lorianne]

Two weeks ago we reported that in what at the time was still a rather isolated incident, Colorado's largest nonprofit health insurer (aka co-op), Colorado HealthOP is abruptly shutting down, forcing 80,000 Coloradans to find a new insurer for 2016.

At the time, we said that the health insurer had been decertified by the Division of Insurance as an eligible insurance company 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.

In other words, one of the 24 co-ops funded with Federal dollars and created to give more policyholders control over their insurers - especially those who wished to stay away from various corporate offerings, had failed simply because the government was unable to subsidize it: the same government that spends $35 billion in global economic "aid" but can't support its most important welfare program.

Fast forward to today, when we learn that another co-op, this time New York's Health Republic Insurance - the largest of the nonprofit cooperatives created under the Affordable Care Act - is not only shuttering, but was engaging in fraud.

[goodwithagun]

This is my shocked face 😐

[FlingWingFlyer]

Obama is smirking. He fundamentally destroyed the country’s healthcare system and knows that it won’t be his problem in a year or so.

[setha]

How unpredictable. /s

[hal ogen]

Intentionaliuty and criminality disguised as incompetence.

[goldstategop]

Single Payer.

If private health insurers can’t deliver sensible and affordable policies, people are gonna dump them en masse.

Their monopoly won’t save them.

[Menehune56]

This is actually a feature and not a bug in Obamacare. It was intended so as to create demand for a fully socialized government healthcare system.

[The_Media_never_lie]

Obama is smirking. He fundamentally destroyed the country’s healthcare system and knows that it won’t be his problem in a year or so.

he does not even care about the problems now. All he was concerned about was delaying the destruction of the health care system part his campaigning for re-election.

[MtnClimber]

Anyone who expected the health co-ops to be more efficient and have less fraud than the VA hospital system is clueless to vote for the ‘Rats.

[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........

more details below

[ClearCase_guy]

Once they succeed in making healthcare totally free, they will move on and make college totally free for everyone. It’s gonna be so awesome!!!!! / young voter

[Liz]

"Obamacare" is a sitting president's blunder of Ceausescu-esque proportions. In Obama's feeble mind, the ACA was not about healthcare.

Far from it.

The conniving Obama calculated the ACA to consolidate Democrat power that was supposed to install a permanent Dumbocrat majority. So much for that ding-dong idea....b/c 30 lockstepping Dumbocrats who voted for it were ousted in the 2014 Democrat Demolition Derby. Several retired knowing they could not be reelected.

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

WHERE IS THE MONEY? O/care also allocated some $6 billion tax dollars----spending money for Dumbocrats ----which has yet to be traced.

The Untraceable $8 Billion ObamaCare PR Budget---truly govt fraud at its finest. Egged on by Pelosi, Democrats slavishly voted for Obamacare by an historic straignt-party line vote. But 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 GETS 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 ACA 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).

(read how insiders got even more $$billions below)

[rockrr]

And here comes single payer to save the day... (spit)

[556x45]

Obama? Sure but lets not forget the congress. They authored this mess and exempted themselves from it.

[DoughtyOne]

Obama
Roberts
Others...

Who knew there would be fraud? = :^)

[Liz]

THE OBAMA YEARS---- GOVERTNMENT FRAUD AT ITS FINEST
Obama's federal takeaways (that we know of):

<><> $150 billion to Muslim Iran in the nuclear deal

<><> $2 billion to advance the Muslim Brotherhood,

<><> $50 million grant to Malik/Barack's tax-exempt foundation to Muslim Kenya.

<><> Obama (and Hillary) showered Morsi's Muslim Egypt them w/ praise and billions in US aid, arms, tanks and planes.

<><> Obama gave $90 million US tax dollars to wealthy oil-rich Muslim African countries.

Plus the missing billions attached to Obamacare....all of which the Obamas intend to get back thru "do-good acts of kindness" via his two Clinonesque foundations.

BTW, kindly Obama recently gave Michelle $70 million tax dollars to.....wait for it....."teach Muslim girls."

[Neoliberalnot]

It is not a disaster in their minds. The DC criminals have jacked our healthcare and are profiting greatly.

[oh8eleven]

the same government that spends $35 billion in global economic "aid" ...
Then tells seniors the SS and Medicare programs are bankrupt ... and, adding insult to injury, tells them it's there fault.
And it's not just foreign aid. How many billions are wasted annually via Depts of Education and Energy, NASA, etc?

[SkyDancer]

[RushIsMyTeddyBear]

Bkmrk.