A government watchdog overseeing the Department of Health and Human Services delivered the grim financial state of nearly all of the co-ops—that collectively received $2.4 billion—created under Obamacare several months ago.
Now, following the collapse of six of the 23 that launched in 2013, the co-ops, or consumer oriented and operated plans, face an uphill battle to solidify themselves as competitors in the health insurance market.
To assist the co-ops in getting off the ground, the Centers for Medicare and Medicaid Services disbursed $2.4 billion in start-up and solvency loans to the 23 co-ops created under Obamacare.
However, over the last 10 months, six co-ops, which collectively received nearly $762 million from the federal government, announced they’re closing their doors and pulling out of the insurance market for 2016.
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