U.S. taxpayers did not have a good open season for Obamacare 2014.
Illinois citizens didn't exactly beat down the doors to purchase health insurance designed by politicians, endorsed by their former senator and built in Washington. Over the 6 month period an estimated 217,500 residents purchased Obamacare plans.
Blue Cross crushed the market by capturing 200,000 enrollees . . . about 92% of the market.
Good for them. Bad for the other 5 players. Including one operation that used a wad of Obamabucks to fund their upstart organization.
For instance, one of the insurers, Chicago-based Land of Lincoln Health Inc. Co-op, captured just 2 percent of Illinois enrollments in Obamacare. More than 3,600 individuals, families and small businesses enrolled, Dan Yunker, CEO of Land of Lincoln Health, said in a statement.
Nevertheless, the co-op, which was created with $160 million in federal loans to stir price competition among insurers on the exchange, is filing plans with the Illinois Department of Insurance for the next enrollment period, which begins Nov. 15. And it is looking at how to woo more customers.
Land of Lincoln (LOL) used $160 million to enroll 3,600 members.
In case you don't have a calculator handy, that's over $44,000 per participant.
Not a laughing matter.
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