“Despite our hard work and growing customer base, the unfortunate necessity for complying with the
[Affordable Care Act’s] risk adjustment mandate has put the company under considerable financial strain,” said Tom Dwyer, the co-op’s CEO.
The closing will force 35,000 customers served by the New Jersey co-op to find a new plan in 2017.
The co-op was initially awarde $107.2 million in taxpayer-funded loans in 2012 and received an additional $1.9 million in 2013.
The New Jersey co-op is the 17th Obamacare co-op to collapse, joining other co-ops that have failed including two in Oregon, one each in Illinois, Connecticut, Arizona, Colorado, Kentucky, Michigan, Nevada, New York, Ohio, South Carolina, Tennessee, Louisiana and Utah, as well as a co-op that served both Iowa and Nebraska.
This leaves only six co-ops in existence of the 23 that were originally created under Obamacare." FOX
The closing will force 35,000 customers served by the New Jersey co-op to find a new plan in 2017.
The co-op was initially awarde $107.2 million in taxpayer-funded loans in 2012 and received an additional $1.9 million in 2013.
The New Jersey co-op is the 17th Obamacare co-op to collapse, joining other co-ops that have failed including two in Oregon, one each in Illinois, Connecticut, Arizona, Colorado, Kentucky, Michigan, Nevada, New York, Ohio, South Carolina, Tennessee, Louisiana and Utah, as well as a co-op that served both Iowa and Nebraska.
This leaves only six co-ops in existence of the 23 that were originally created under Obamacare." FOX
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