ObamaCare Co-ops Lose Money While Executives Get Rich
ObamaCare’s health insurance co-ops are fast running out of money — one has already failed — but that hasn’t stopped their executives from fattening their own wallets at taxpayer expense, even when their salaries appear to exceed legal limits.
The Affordable Care Act (ACA) created health insurance co-ops as nonprofit competitors to private insurers with the aim of serving the working poor and others in need of health coverage. Thus far, 23 co-ops have been established, and they are clearly taking the “nonprofit” part of their mandate seriously. According to the Daily Caller’s Richard Pollock, “net losses for the co-ops reached a record $614 million in 2014” — this despite $2 billion in initial federal funding plus additional “solvency loans,” including $317 million in such loans “to one out of every three co-ops last year.” As of the end of September, “the ratio of surplus notes outstanding to...