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Finding out what’s in it: The third Obamacare co-op in the past two weeks has failed. .
Illinois regulators took steps Tuesday to shut down Land of Lincoln Health, a 3-year-old startup that lost $90 million in 2015 and more than $17 million through May 31. Illinois Department of Insurance officials announced they are seeking a court order allowing the state to take over Land of Lincoln Health and prepare the company for liquidation. The department’s acting director, Anne Melissa Dowling, will work with the federal government to establish a 60-day special enrollment period for Land of Lincoln policyholders to find and purchase new health coverage.
This leaves the count at 16 failures out of 23 Obamacare co-ops. And there will be more. The economics of the co-ops never made sense, dependent as they were on gigantic and unaffordable subsidizes from the government. In fact, none of the economics of any of Obamacare make sense, which is why the whole monstrous law has raised costs for everyone and made being a doctor a far worse bureaucratic nightmare than it was before the law was passed.
It is a good thing the American people have woken up and decided to nominate candidates for President who are avowed conservatives with proven track records for limiting the power of government. Oh wait…