Another Obamacare co-op, the largest, collapses
Finding out what’s in it: New York’s Obamacare co-op, the country’s largest and the one that took the most government loans to get established, is now facing bankruptcy and collapse.
It is unclear if the co-op deliberately misled state regulators in its original filings, or if regulators found evidence of financial wrongdoing while they tried to close down the defunct non-profit. The co-op’s insolvency was announced September 25.
The New York Department of Financial Services, which regulates insurers in the Empire State, also revised its earlier announcement to the co-op’s 215,000 policyholders that they had until Dec. 30 to find new insurance coverage. Regulators now advise the co-op’s enrollees, many who are poor, that they have to secure new coverage within the next two weeks. DFS said in a statement late Friday that consumers “must take action to choose a new plan for the remainder of 2015 on or before November 15, 2015.”
It also appears that the co-op has been understating its bad financial condition to government officials. Other than that, things remain peachy-keen!
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Finding out what’s in it: New York’s Obamacare co-op, the country’s largest and the one that took the most government loans to get established, is now facing bankruptcy and collapse.
It is unclear if the co-op deliberately misled state regulators in its original filings, or if regulators found evidence of financial wrongdoing while they tried to close down the defunct non-profit. The co-op’s insolvency was announced September 25.
The New York Department of Financial Services, which regulates insurers in the Empire State, also revised its earlier announcement to the co-op’s 215,000 policyholders that they had until Dec. 30 to find new insurance coverage. Regulators now advise the co-op’s enrollees, many who are poor, that they have to secure new coverage within the next two weeks. DFS said in a statement late Friday that consumers “must take action to choose a new plan for the remainder of 2015 on or before November 15, 2015.”
It also appears that the co-op has been understating its bad financial condition to government officials. Other than that, things remain peachy-keen!
Readers!
Every February I run a fund-raising drive during my birthday month. This year I celebrate my 72nd birthday, and hope and plan to continue writing and posting on Behind the Black for as long as I am able.
I hope my readers will support this effort. As I did in my November fund-raising drive, I am offering autographed copies of my books for large donations. Donate $250 and you can have a choice of the hardback of either Genesis: the Story of Apollo 8 or Conscious Choice: The origins of slavery in America and why it matters today and for our future in outer space. Donate $200 and you can get an autographed paperback copy of either. IMPORTANT! If you donate enough to get a book, please email me separately to tell me which book you want and the address to mail it to.
Please consider supporting my work here at Behind the Black. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
I have a question.
Why are the liberal idiots who wanted this asking for more money to finance the new system?
Are the co-ops not needed?
Do they have another source of funding?
Or are they planning on blaming homelessness and the lack of insurance all on the republicans after the next election?
I have personally not seen homeless people begging for donations in my town. Ever. Even in the 70’s when the mills closed and thousands lost jobs. But I am seeing it now all overt the place.
Expect it to be a big deal in the MSM if a republican gets elected.
Democrats spend like children on their favorite social programs(that don’t work) then stand beck and let their parents(republicans) come in and clean up the financial mess and take the blame for the short comings.
Related:
This story has nothing to do with Obamacare directly but it does illustrate the kind of thinking that is being poured down the throats of some of the gullible public by the agenda driven media corporations and the people who they choose to represent their perverted agenda, of which Obamacare is a shinning example.
http://www.mediaite.com/tv/msnbcs-melissa-harris-perry-dont-say-hard-worker-because-its-offensive-to-slaves/
This woman, Melisa Harris Perry, who works for the MSNBC network is perhaps at the top of her field, what is her field? Apparently race hustling and using the non sequitur in her job as racist spokes person as a weapon to promote race hustling. She seems an intelligent person but her inability to properly recognize the abuses of power in Americas PAST and put them in proper modern context is very offensive to me.
Watch this clip and if anyone can reasonably justify how this woman gets to where she gets please share it with me.
It’s much worse than social programs not working. They exacerbate the very problems they claim to remedy (which is the point since that increases the size of the democrat base).
The solution to poverty will never be to pay people to be poor, how ever and in whatever form that payment is made.
“Why are the liberal idiots who wanted this asking for more money to finance the new system?”
Should have been
“Why are the liberal idiots who wanted this, not asking for more money to finance the new system?
This is the one good thing the republicans have done. They passed legislation to prevent more funds being directed that way and that’s what’s doomed the co-ops.