The recent announcement of the Nevada Health Co-op to cease operations after Dec. 31, 2015, suggests a number of things to me:
• There will likely be many more failures such as this coming soon.
• Dramatic failures such as this highlight the incompetence of those who ramrodded the Affordable Care Act legislation through Congress in an extremely partisan manner. These incompetents include Sen. Harry Reid, then-House Speaker Nancy Pelosi, President Barack Hussein Obama, and a host of others.
• The failure of this federally funded insurer ($66 million of federal funds will likely be flushed down the toilet here) highlights one of the fatal flaws in this poorly conceived and poorly written legislation. Obamacare largely attracts those who cannot secure health insurance elsewhere, because they are extremely poor health risks.
• The Nevada Health Co-Op lost $30 million in the first six months of 2015, according to its financial filings. While this sum may be chump change to some, if similar results are occurring in other health insurers funded by this misguided legislation, the costs of Obamacare have been vastly underestimated.
Steve Crea, Meridian