One-third of the Obamacare health insurance co-ops have now failed, causing about 400,000 policyholders in 10 states to scramble for new coverage for 2016.
Seven of the 23 co-ops created by the Affordable Care Act in 2011 at a cost of $2.4 billion — including many launched by passionate but inexperienced health reform activists — have since closed their doors. An eighth, the Colorado Health Insurance Cooperative, appears on the brink of default as well.
The failing Obamacare co-ops have canceled health insurance for largely poor and low-income customers in Iowa, Nebraska, Kentucky, West Virginia, Louisiana, Nevada, Tennessee, Vermont, New York and Colorado.
The co-ops are falling like dominoes. In the last two months, the public has seen co-ops fail in Nevada, Louisiana, Tennessee, Kentucky and New York.
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