80,000 Coloradans Losing Their Health Insurance Thanks To Obamacare

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From Young Cons: Obamacare is a mess.

At this point, there is no way around that ugly truth and October has been a brutal month for the failed legislation that has missed the mark in almost every area.

80,000 Colorado residents will be losing their health insurance thanks to Obamacare and on top of that, the Obamacare exchange in New York is falling apart not only because of lack of money, but due to some serious corruption as well.

From ZeroHedge:

Two weeks ago we reported that in what at the time was still a rather isolated incident, Colorado’s largest nonprofit health insurer (aka co-op), Colorado HealthOP is abruptly shutting down, forcing 80,000 Coloradans to find a new insurer for 2016.

At the time, we said that the health insurer had been decertified by the Division of Insurance as an eligible insurance company because the cooperative relied on federal support, and federal authorities announced last month they wouldn’t be able to pay most of what they owed in a program designed to help health insurance co-ops get established.

In other words, one of the 24 co-ops funded with Federal dollars and created to give more policyholders control over their insurers – especially those who wished to stay away from various corporate offerings, had failed simply because the government was unable to subsidize it: the same government that spends $35 billion in global economic “aid” but can’t support its most important welfare program.

Fast forward to today, when we learn that another co-op, this time New York’s Health Republic Insurance – the largest of the nonprofit cooperatives created under the Affordable Care Act – is not only shuttering, but was engaging in fraud.

Today we learn that not only was this largest Co-op insolvent, it had also committed fraud. According to Politico, the collapsing insurance company that is creating headaches for hundreds of thousands of New Yorkers, misled state and federal officials about its finances, and will not be able to remain in business through the end of the year as originally hoped.

Because incompetence is one thing, but corruption: now that’s real government work, right there.

This law has quickly become even worse than we feared, and that’s saying a lot because people who have been paying attention knew it was going to be really bad.

Not only do we currently lack the money to pay for Obamacare, but the people in charge have been misleading (aka lying) federal officials about the program’s finances.

These state exchanges are failing at an unbelievable rate.

Obamacare is sinking and the crux of the issue is something we all saw coming from a mile away.

We don’t have the money.

“If you like your doctor, you can keep your doctor.”

Remember that?

I bet the 80,000 people in Colorado who now have no doctor do.

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