WASHINGTON — The financial failure of more than half the nonprofithealth insurance companies created under the Affordable Care Act has handed Republicans a new weapon in their campaign against the health law, thrown the Obama administration on the defensive once again and left more than a half-million consumers in the cold.
“Any start-up faces the inherent risks of building a business from the ground up,” Dr. Mandy Cohen, the chief operating officer at the Centers for Medicare and Medicaid Services, told Congress on Tuesday at a contentious hearing of the House Ways and Means Subcommittee on Health. “As with any new set of business ventures, some co-ops have succeeded while others have encountered more challenges.”So far, 12 of the 23 nonprofit insurance plans created as a result of President Obama’s signature domestic achievement have announced — voluntarily or under pressure from federal and state regulators — that they will not offer coverage next year. The most recent announcement came on Tuesday, just hours before the House hearing, when Consumers Mutual Insurance of Michigan posted a notice on its website saying it will not sell health plans in 2016 on the insurance marketplace. For the full article click here
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