(National Sentinel) Health care reform: Well, so much for the Affordable Care Act providing American consumers with much more choice.
And lower deductibles.
The Washington Free Beacon reports that the 19th Obamacare exchange co-op is folding due to financial collapse, leaving just four co-ops in existence:
Minuteman Health of Massachusetts and New Hampshire announced it is withdrawing from the Affordable Care Act exchanges in 2018, leaving only four co-ops in operation. The co-op will stop writing business on January 1 and organize a new company, Minuteman Insurance Company, instead.
The company cited issues with Obamacare’s risk-adjustment program, which is the program that shifts money away from those with healthier customers to those with sicker enrollees. Minuteman Health said that the negative impact of this program had been “substantial.”
“Unfortunately, the program has not worked as intended,” the company said. “It has been difficult for insurers to predict their risk-adjustment obligations, which has led some to withdraw from the ACA market.
“The program also unfairly penalizes issuers like MHI that are small, low cost, and experience high growth,” the company added. “The significant relative impact from risk adjustment has been the principal driver of a reduction in MHI’s surplus and capital over 2 [sic] time.”
Well, the company’s claim that Obamacare programs are ‘not working as intended’ is false: The collapse of Obamacare was predictable and even designed to fail, as a way to usher in complete government control over all health care, as in, single-payer Medicare-for-all.
What is maddening is that the Republicans who control Congress know this, and still, even as the law continues its designed collapse, Americans can’t get them to pass replacement legislation that returns the health care industry to the private sector, where it belongs.