ANOTHER ONE BITES THE DUST
Seventeen Obamacare co-ops have now failed, reports Americans for Tax Reform, which has been tracking the trend for years. No. 17 is Health Republic Insurance of New Jersey, which has announced it would close despite receiving $110 million in taxpayer funded loans, leaving 35,000 members without coverage. The cost of these collapses: $1.8 billion in funds that may never be recovered.
“Co-ops were hyped as not-for-profit alternatives to traditional insurance companies created under Obamacare,” says the tax coalition, which notes that the project has a total price tag $2.4 billion in start-up loans.