Another day, another ♡bamaCare!!! co-op goes under:
Nevada Health CO-OP, which launched in 2012 with two federal loans totaling $65.9 million, will shutter its operation and will not offer coverage for 2016. Coverage for all current plans will remain good until Dec. 31, and members will be able to sign up with other carriers for Jan. 1 coverage when open enrollment begins in November.
Co-op CEO Pam Egan said in a statement that a second year of high claims costs and limited growth projections for enrollment made it “clear” that the insurer would have a hard time providing “quality care at reasonable rates” in 2016.
“(Nevada Health CO-OP) is working responsibly and proactively with the Nevada Division of Insurance and the Centers for Medicare and Medicaid Services to ensure that we meet all deadlines and fulfill obligations to our current members.”
As detailed last year by the Washington Examiner, Nevada Health CO-OP was essentially a front for local union interests who had provided support for the Obama campaign in 2008, and “pivotal” voter turnout for Senator Harry Reid’s successful reelection effort in 2010.