Obamacare Failing the Public & Insurers

New Report About Obamacare Will Have Even Obama Hating It… This is BAD
2/28/16
President Barack Obama’s Affordable Care Act has been trouble since day one — and it’s not like we didn’t expect it.

Recent news regarding just how bad Obama’s health care plan is reveals just how damaging it is not only for insurance companies but the public as well.

UnitedHealth, America’s largest insurer, said it regreted entering the ACA exchanges and planned to pull the plug on the costly endeavor this year. The company claimed its losses because of Obamacare top $1 billion.

If UnitedHealth is experiencing trouble, we can bet that other insurance companies and co-ops are as well.

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Eight of the 11 remaining ACA health insurance co-ops face financial trouble and could actually collapse by the end of the year, said Mandy Cohen, a federal health official.

Twelve of the 23 non-profits co-ops established under the ACA in 2012 to compete with for-profit insurance companies have shut down after two years of operation.

Cohen, who testified Thursday before a House oversight panel, refused to disclose which of the remaining 11 co-ops are struggling, but did admit that eight of them are facing either federal “enhanced oversight” or are currently operating under a federal “corrective action plan,” according to the Daily Caller.

Cohen also refused to give assucrances that any of the three remaining co-ops not currently operating under a “corrective plan” would survive the year. “Too early to tell in the year,” Cohen said. “As new information comes up, if we need to, we will put more folks up on corrective action plans.”

I don’t know about you, but any insurance company that is on a “corrective action plan” set in place by the federal government is a recipe for more trouble. It’s basically prolonging the inevitable — failure. When almost half of the insurance co-ops are failing due to ACA, no amount of government “intervention” is going to help.

This is more than enough reason to repeal Obamacare.

http://conservativetribune.com/repor...ent=2016-03-02

Massive Fraud Likely in Obamacare Exchange Subsidies

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By John R. Graham • Monday February 29, 2016

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The Government Accountability Office has just released a report detailing the massive opportunities for fraudulently getting tax credits in Obamacare’s health insurance exchanges. Obamacare sends billions of taxpayers’ dollars to health insurers that operate in these exchanges—$37 billion last year alone. These tax credits are used to discount premiums for plans offered in the exchanges. Here is an excerpt from the report highlights:

During undercover testing, the federal Marketplace approved subsidized coverage under the act for 11 of 12 fictitious GAO phone or online applicants for 2014. The GAO applicants obtained a total of about $30,000 in annual advance premium tax credits, plus eligibility for lower costs at time of service. The fictitious enrollees maintained subsidized coverage throughout 2014, even though GAO sent fictitious documents, or no documents, to resolve application inconsistencies.

Eleven out of 12: a failure rate of 92 percent. And these were government employees acting as stooges, not hardened fraudsters. I am sure GAO was shocked that so many not only got approved, but continued to receive subsidies through the year.

The report also notes that in almost half a million actual cases the details that should have disqualified an applicant for tax credits—ranging from mismatched Social Security numbers to incarceration—remained unresolved through the enrollment year.

What is remarkable is that the federal and state government established brand new bureaucracies—so-called exchanges—to manage the applications, not trusting online or in-person insurance agents and brokers to do the job.

http://blog.independent.org/2016/02/...dies/?AID=7236