Well, we have some more news about that Plainly Pathetic Abominable Collection of Asininity Patient Protection and Affordable Care Act, AKA “ObamaCare”. And as is usual, the news isn’t all that good for the US taxpayer.
First, here’s an Item I apparently overlooked previously. Remember those “non-profit cooperatives” that were supposed to provide much of ObamaCare’s insurance coverage? Remember that as of last October, nearly half of them had folded?
Well, about a month ago more info was released about just how badly those cooperatives did, financially, in 2014 and 2015. (Short version: they lost their butts.)
By March, the number of failed cooperatives was up to 12. These cooperatives lost $376 million in 2014. In 2015, their losses are estimated at $1 billion. And they apparently still owe hospitals and doctors around $1 billion as well.
The “rest of the story”? Well, the Federal government apparently loaned cooperatives around $2.4 billion collectively at start-up. The 12 failed cooperatives apparently still haven’t repaid $1.2 billion that the Federal government loaned them.
Gee. That means one of two things will happen. Either we the taxpayer will eat the cost of those loans – or their parent firms will raise future premiums to cover losses as well as repaying them. Which means that you and I will pay for them through increased premiums in the future.
Wonderful. Just freaking wonderful.
In fact, it appears that the higher premiums may take effect later this year. The new 2017 “ObamaCare” premiums are expected on 1 November. Premiums announced in November (for next year) are expected to show rather marked increases over last year’s ObamaCare exchange premiums.
How much? Well, I’m not sure – but last year, premiums were up an average of “only” 8% or so, and the current gang of fools in DC who foisted this idiocy on the American public Administration touted that fact as “good news”. I’m not really sure why, though – in contrast, CPI inflation for 2015 was 0.1%. (Yes, that is a zero to the left of the decimal point.)
Gee – losing money out the wazoo, billions in outstanding debts and loans, and substantial future price increases virtually guaranteed. What’s not to like? (smile)
Sheesh. We need to kill this idiotic mistake of a law posthaste. Then burn its corpse until its ash, mix the ashes with quicklime and water, and dump the resulting slurry down an abandoned mine shaft. Then dynamite the mine shaft so it collapses.