Thursday, October 22, 2015

Say Goodbye to South Carolina Consumers Choice

Like a never ending bad dream, another one of Obama's proud pieces of Obamacare is going belly up.

Consumers Choice Health Co-op is assuming room temperature.

Consumers’ Choice Health Insurance Company (Consumers’ Choice) has agreed to avoluntary run-off and will not offer health insurance coverage in 2016.
“This was a difficult decision for the insurer and this agency, but this is what is in the best interests of South Carolina consumers and health care providers,” said Ray Farmer, Director of the South Carolina Department of Insurance.
“The recent announcement of a risk corridor reimbursement of just 12.6% cast doubt on the collectability of tens of millions of dollars through the federal risk corridor program and led to an unavoidable outcome,” said Jerry Burgess, President and CEO of Consumers’ Choice. 

That pesky risk corridor is to blame. Too bad they didn't think of pricing their plans to make a profit without additional taxpayer bailouts.

No word yet on which mortuary is handling the remains.

Full press release here.

#ObamacareCo-operative  #ObamacareFail

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