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The reality of Obamacare continues to underperform the promises of Obamacare.
Today we learn of two more states that are shuttering their money-losing Obamacare co-ops.
Two nonprofit health insurers set up under ObamaCare announced on Friday that they are shutting down, the latest in a string of closures due to financial problems.
The closure of the two health insurers in Colorado and Oregon means that just 15 of the original 23 co-ops will remain in business next year.
The news comes after announcements on Wednesday that Tennessee's co-op is shutting down and last Friday that Kentucky's co-op would shutter.
November 1 marks the start of next year's enrollment period. So with barely two weeks to go, customers of these co-ops will have to scramble to find new coverage.
But remember, if you like your plan, you can keep your plan.
Wanna guess why these co-ops failed?
They ran out of Other People's Money!
Many of the beleaguered co-ops have blamed low payouts from an ObamaCare program known as risk corridors. That program was designed to protect insurers against heavy losses by collecting money from insurers doing well and giving it to insurers faring poorly. But the Obama administration announced on Oct. 1 that the program had only taken in enough funds to pay out 12.6 percent of the $2.87 billion that insurers had requested.
They charged below-market premiums to attract customers, and the customers they attracted turned out to be older and sicker than they wanted them to be. Then, in typical Obama fashion, the unicorns didn't ride in at the 11th hour to save the day.
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