Tuesday, July 12, 2016

TAXPAYER FUNDED HEALTH INSURANCE CO-OPS ARE GOING BANKRUPT UNDER OBAMACARE

by Daniel Barker (NaturalNews

The bad news concerning Obamacare is growing even worse. Last week, Blue Cross Blue Shield submitted a request for rate hikes of 60 percent for its policyholders in Texas. Then, a couple of days later, the news broke that Ohio's InHealth Mutual co-op is going bust, making it the 13th of 23 non-profit co-ops set up under the Affordable Care Act (ACA) to declare bankruptcy.

From FreeBeacon.com:

"The Ohio Department of Insurance asked to liquidate the company, saying that the company was in a 'hazardous financial condition.' The co-op served nearly 22,000 consumers who now have 60 days to find another policy offered by another company on the federal exchange.

"The company recorded an underwriting loss of $80 million in 2015 despite the $129 million in taxpayer-backed loans granted to the co-op by the federal government."


Reports say that $3 million in claims per week were being filed with the insurer, creating a situation in which a 60 percent rate hike in 2017 would have been necessary to cover the outlays.

Ohio Director of Insurance Lt. Gov. Mary Taylor said: