Insurer That Got $145 Million Loan Under Obamacare Is Almost Broke
http://www.bloomberg.com/news/2014-12-26/obamacare-aided-insurer-almost-broke-after-145m-in-loans.html?cmpid=yhoo
A startup insurance company loaned $145 million by the U.S. government under Obamacare is running out of money and being taken over by state officials in Iowa.
The company, CoOportunity Health, which also serves Nebraska, was placed under Iowa Insurance Commissioner Nick Gerhart’s supervision this week and is no longer accepting new enrollees, according to a statement from his office. While Gerhart’s agency will operate the company for the time being, it’s urging policyholders to seek a new insurer.
CoOportunity Health is a co-op, or Consumer Operated and Oriented Plan, one of 23 nonprofit health insurers providing coverage in 26 states. They were created under the Patient Protection and Affordable Care Act to increase competition. The fate of CoOportunity provides new fodder for Obamacare opponents who argue that the law wastes government money.
(Article does continue. Zim.)
(Anybody besides me thinking that shoveling Millions,
(if not Billions, of 'We The Peoples' money into
(the insurance companies is not such a swift idea?)
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