November 3, 2015

More than half of Obamacare co-ops go belly up

More than half of Obamacare’s nonprofit co-op plans have now failed, prompting House Republicans Tuesday to label the program a disaster that is fleecing taxpayers out of billions.

Consumers Mutual Insurance of Michigan posted notice that it would not sell plans for 2016, making it the 12th of Obamacare’s initial 23 co-ops to close shop, despite early hopes the program would create competition and slash prices under President Obama’s signature overhaul.

“Only in Washington would a group of bureaucrats think they knew how to micromanage competition instead of letting consumers and markets do what they do best,” said Rep. Kevin Brady, Texas Republican and chairman of the Ways and Means’ Committee panel on health.”What could go wrong? Turns out, quite a lot.”  More

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