‘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
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