Posted on 09/14/2016 1:58:57 PM PDT by EVO X
Health Republic Insurance of New Jersey is folding after the state’s insurance commissioner put the Obamacare co-op in “rehabilitation” due to its hazardous financial condition.
The co-op had a liability of $46.3 million under the Affordable Care Act’s risk adjustment program, according to the New Jersey Department of Banking and Insurance. That program was designed to transfer money between insurers in case one insurer had more costly enrollees
“Despite our hard work and growing customer base, the unfortunate necessity for complying with the [Affordable Care Act’s] risk adjustment mandate has put the company under considerable financial strain,” said Tom Dwyer, the co-op’s CEO.
Another one bites the dust...
CT came close to having only one insurer. CTcare insurance company was unhappy their rate increase was denied. Two days ago they said they were pulling out for 2017. A day later they dropped their law suit against the state and said they were staying after all. Were they threatened? Were they given a back room deal to stay? Interesting times.
Remember it was Hellary who started this thing.
In other words:
"You f@cked up, you trusted us!"
Push is coming to shove.
Don’t know anything about CT politics, but sounds like they were able to cook the books for a while. Same thing happened in Illinois. Took about 9 months to a year before the co-op folded after initial reports..
Buh-bye.
Drip, drip, drip.
nobama screwed up (what else is new? :). nobamacare didn’t die fast enough for him to ram through his real, ultimate goal of single payer.
nobamacare: Fail, fail, fail.
A democrat Senator said a few days ago, they should have fought harder to stop the reduction in risk corridor payments to insurance companies. All that would have done is slow down most of the failures until after Obama left office.
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