WASHINGTON, DC - The Subcommittee on Oversight and Investigations, chaired by Rep. Tim Murphy (R-PA), has scheduled a hearing for Thursday, November 5, 2015, at 10:15 a.m. in room 2322 of the Rayburn House Office Building. The hearing is entitled, “Examining the Costly Failures of Obamacare’s CO-OP Insurance Loans." Utah’s CO-OP announced today that it would shutter in 2016, bringing the total to 10 out of the original 23 CO-OPs that will be out of operation in 2016 at a total cost to taxpayers to $1,072,174,773. This total does not include Vermont’s CO-OP, which was denied an insurance license by the state, and was dissolved before enrolling a single person.
“It seems that at every turn, another CO-OP is closing for business. The administration’s report card looks pretty grim with 10 out of 23 already failed. The worst part is the cost to taxpayers now exceeds $1 billion. When will it end? That’s just one of the many questions we want answered next week," said Murphy.as they are posted.
CO-OPs that have failed and taxpayer dollars received (in order by closing announcement):
CoOportunity Health - Iowa and Nebraska
Cost: $145,312,100
Louisiana Health Cooperative, Inc.
Cost: $65,790,660
Nevada Health Cooperative
Cost: $65,925,396
Health Republic Insurance of New York
Cost: $265,133,000
Kentucky Health Care Cooperative - Kentucky and West Virginia
Cost: $146,494,772
Community Health Alliance Mutual Insurance Company - Tennessee
Cost: $73,306,700
Colorado HealthOp
Cost: $72,335,129
Health Republic Insurance of Oregon
Cost: $60,648,505
Consumers’ Choice Health Insurance Company - South Carolina
Cost: $87,578,208
Arches Mutual Insurance Company - Utah
Cost: $89,650,303
TOTAL TAXPAYER DOLLARS : $1,072,174,773
