Obamacare Co-Ops Crash and Burn
Congressional lawmakers are raising alarm over the rapid collapse of several so-called ObamaCare “co-ops” — government-backed alternative health plans — that are failing, leaving tens of thousands of customers scrambling for coverage, and billions in taxpayer-funded startup loans at risk.
To date, nearly half of the 23 co-ops established under the Affordable Care Act have gone or are expected to go under by the end of the year. The latest to be barred from selling insurance on the official marketplace is in Arizona.
In a letter to the head of the Centers for Medicare & Medicaid Services, Sens. Orrin Hatch, R-Utah, and Lamar Alexander, R-Tenn., pressed the Obama administration for answers on what is being done to address the crisis — and recoup some of the federal taxpayer loan money that has gone to the failing start-ups.
The senators said nearly 870,000 people nationwide have enrolled in the co-ops, and noted they originally were intended to boost competition and provide more affordable options.
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