Obamacare overhaul leaves taxpayers on hook for $2.4 billion

Taxpayers provided the money at Obama’s request to get nonprofit co-ops, the Obamacare alternative to mega-insurers, up and running so more Americans would join the health care plan. But of the 23 funded by the $2.4 billion, only one has met sign-up goals, the audit found, the Associated Press reported.

 

And one, the Iowa/Nebraska co-op, actually had to shut down after regulators voiced concerns over how money was being used, AP said.

 

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“The low enrollments and net losses might limit the ability of some co-ops to repay startup and solvency loans and to remain viable and sustainable,” the audit said.

 

The audit only covers the co-ops’ activities through the end of 2014, but a review of the last few months shows 2015 appears to follow the same failing trend. Co-ops continue to report financial losses, AP reported.

 

The co-ops are officially called Consumer Operated and Oriented Plans and they were put in place as an Obama-inspired and Democratic-implemented option to the corporate insurance agencies, after failing to get enough people to sign on to the government-run insurance plan. The deal was taxpayers would provide startup money and reserve money for the nonprofits to get going.

 

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