[Ed. – It’s like this was never going to work, or something.]
A nonprofit Kentucky health insurer created under Obamacare is shutting down because of staggering losses and not enough money from the healthcare law.
Kentucky Health Cooperative said Friday that it would not offer health insurance plans during open enrollment on Kentucky’s state-run marketplace. Conservatives said the shutdown is indicative of growing problems with Obamacare, as Kentucky’s co-op was the fifth to close its doors.
The cooperative, created under Obamacare to offer insurance to enrollees, said that losses started to mount and couldn’t be overcome. A big problem is that the co-op had trouble paying out claims. …
In 2014, the co-op’s losses were about $50 million but slowed to $4 million in the first half of 2015, the company said.
“We were on track to reverse direction and begin operating in the black, and we expected this to come about in 2016,” interim CEO Glenn Jennings said.
But last week the co-op and other insurers found they would receive less money from the federal government this year to help pay for the sickest customers.