Connecticut’s taxpayer-funded Obamacare health insurer will close due to minimal federal funding, becoming the 14th consumer-operated and oriented plan to shut down.
The state’s insurance regulator took over HealthyCT, the state’s Obamacare co-op, on Tuesday due to financial problems. The co-op, created to spur more competition on Obamacare’s marketplaces, is the 14th out of 23 nationwide to shut down since they were created in 2014.
Now only nine co-ops remain.
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The risk adjustment program was created to help Obamacare insurers adjust to the new market. It transfers funds from insurers with healthy enrollees to insurers with very sick ones.
The risk adjustment payment report was released June 30 and showed that HealthyCT owed $13.4 million in risk adjustment payments. The regulator said that the payment means that HealthyCT’s financial outlook changed.
Republicans pounced on the closure, saying that the 14 closed co-ops have cost taxpayers nearly $1.5 billion in funding.
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14th Obamacare co-op collapses via @dcexaminer https://t.co/1gmn987H16
— Gabriel Malor (@gabrielmalor) July 5, 2016
Obamacare's "death spiral may have already begun in AK. It won’t be long before it works its way to the lower 48." https://t.co/DwLp9TAeQm
— Ted Cruz (@tedcruz) July 5, 2016
It's time for a #FullRepeal of Obamacare: https://t.co/IeWvSy6rQG https://t.co/qc3b01h8nv pic.twitter.com/OT5jYpzf1m
— Ted Cruz (@tedcruz) July 5, 2016
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