ACA/Obamacare: Nevada Health Co-Op Closes, Third of Twenty Three Co-Ops to Close

‘A Nevada health insurance provider that received more than $65 million in taxpayer-funded loans from the federal government announced last week that it is discontinuing operations at the end of the year.

The Nevada Health Co-Op will close its doors beginning Jan. 1 because of “challenging market conditions.” The co-op will be the third of the 23 consumer-oriented and operated plans created under Obamacare to shutter.’

‘The 23 co-ops received $2.5 billion in loans from the Centers for Medicare and Medicaid Services to help get off the ground and remain solvent. The federal government awarded the Nevada Health Co-Op $65.9 million in startup loans. It’s unclear whether the co-op will be able to repay the loans.

According to the Nevada Health Co-Op, it enrolled 14,000 consumers in 2014. However, the nonprofit insurer projected it would enroll 33,748, according to a July audit of co-ops from the Department of Health and Human Services inspector general.’

‘The analysis from the Department of Health and Human Services also found that the Nevada Health Co-Op projected that it would make $371,000 in 2014. However, it lost more than $15 million.’ - This Obamacare Co-Op Was Supposed to Make Money. Instead, It Lost Over $15 Million, 08/31/2015, dailysignal.com

Link to the entire article appears below:

http://dailysignal.com/2015/08/31/this-obamacare-co-op-was-supposed-to-make-money-instead-it-lost-over-15-million/?utm_source=heritagefoundation&utm_medium=email&utm_campaign=morningbell&mkt_tok=3RkMMJWWfF9wsRohvq3OZKXonjHpfsX56OgvWa%2BylMI%2F0ER3fOvrPUfGjI4ATMpnMK%2BTFAwTG5toziV8R7jHKM1t0sEQWBHm