"Illinois Obamacare Co-op Becomes 16th to Collapse"

[DrLeftover]

Sixteen Obamacare co-ops have now failed. Illinois announced that Land of Lincoln Health, a taxpayer funded Obamacare co-op, would close its doors, leaving 49,000 without insurance. The co-op now joins a list of 15 other Obamacare co-ops that have collapsed since Obamacare has been implemented. Failed co-ops have now cost taxpayers more than $1.7 billion in funds that may never be recovered.

Co-ops were hyped as not-for-profit alternatives to traditional insurance companies created under Obamacare. The Centers for Medicare and Medicaid Services (CMS) financed co-ops with startup and solvency loans, totaling more than $2.4 billion in taxpayer dollars. They have failed to become sustainable with many collapsing amid the failure of Obamacare exchanges.

Since September, 13 Obamacare co-ops have collapsed, with only seven of the original 23 co-ops remaining. Illinois’ Land of Lincoln co-op faced losses of $90 million last year and is suing the federal government for the deficit caused by Obamacare. Co-ops across the country have struggled to operate in Obamacare exchanges, losing millions despite receiving enormous government subsidies.

Illinois Obamacare Co-op Becomes 16th to Collapse




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[Webster]

....I don't even know where to defend O-care, and I supported it from the beginning.

 

[DrLeftover]

(quoted)
Illinois 'Obamacare' health insurance rates up significantly
Posted: Aug 24, 2016 4:04 PM CDTUpdated: Aug 24, 2016 4:04 PM CDT
CHICAGO (AP) - Higher prices and fewer choices on the Illinois "Obamacare" marketplace will make choosing a health plan for 2017 a potentially frustrating experience for families who buy their own coverage.

The Illinois Department of Insurance released information Wednesday on rates it submitted to federal officials. Statewide, the average rate increase for a typical benchmark plan is 29 percent.

Eight counties will have only one company selling individual coverage. Major insurers have left the Illinois exchange and Land of Lincoln Health is folding. Many parts of the state will have fewer than 20 plans to choose from.
(end quote)
http://www.wandtv.com/story/32834384/illinois-obamacare-health-insurance-rates-up-significantly



So, how's your health insurance doing?


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