He looked out over the void in the market place and heard the voices of those who did not have health insurance.
And He said to Himself, this is not good.
There must be a way to insured these people without adding one dime to the deficit. They must have unfettered access to health insurance, regardless of any pre-existing conditions.
Further, they must have free annual exams and free birth control without adding one dime to the deficit.
So He made it so.
And out of Obamacare came health insurance co-ops funded with taxpayer dollars that did not add one dime to the deficit.
And all was well and good, until the co-ops could no longer pay their bills.
Farmer said the DOI had been monitoring SCHC's finances since its licensure in June 2012, but stepped up surveillance after concluding a financial examination on Oct. 31 which revealed SCHC was in a "financially impaired state" and unable to pay all their claims. - Greenville OnlineBut wait, there's more.
it was determined that the two letters of credit SCHC held totaling $8 million - which were to be to be used in the event of insolvency to pay claims - were fraudulent.And that is just the tip of the iceberg.
"Contractually, the employers are responsible, but they do not have enough money to pay the claims,"Employers are liable.
This was a co-op. A MEWA. Not real insurance.
Just a pot of money.
"If this had been a traditional company, they would be covered by ... a guaranty fund. This is not covered by a guaranty fund."Ponzi would be so proud.
And all this was accomplished without adding one dime to the deficit.