On Wednesday, the Nevada Health Co-Op announced that it will go out of business at the end of the year. This is the third out of the 23 ObamaCare-created nonprofit health plans to fail, but it isn't likely to be the last.
After getting $69.5 million in government-sponsored startup loans, Nevada's co-op saw enrollment come in far lower than expected, and claims costs far higher, resulting in a $15 million loss last year.
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| There goes more of your Tax Dollars |
CEO Pam Egan said the co-op was seeing the same dismal results this year, making it impossible to provide "quality care at reasonable rates."
Democrats who designed ObamaCare created these nonprofit co-ops in the belief that they could provide price competition in ObamaCare exchanges. To get them off the ground, the federal government pumped more than $2.5 billion in startup loans and $355 million in solvency loans when things started to turn sour last year.
The costly experiment has largely been a failure.Read the rest of the Story HERE.
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