America started out with 24 non-profit Obamacare co-op boards that were supposed to provide affordable insurance to the poor. But they’ve gradually gone bankrupt because it turned out the program cost a lot more than anyone (other than me and a lot of other Republicans) predicted. And now, there are only three still standing.
The latest to go belly-up, New Mexico Health Connections, didn’t bother to inform customers that they were insolvent and their entire board of directors had resigned until after the 2018 enrollment period to find new coverage had ended. It also left insurers holding the bag for millions in unpaid reimbursements.
The New Mexico co-op took the term “non-profit” to new heights by burning through over $77 million in federal loans and still losing $20 million a year (there are more dire numbers at the link.) Only now, with the filings of the year-end financial forms, is the public learning some of their methods for fueling that cash bonfire. One was that like some other Obamacare nonprofit co-ops, they were paying their 12 directors salaries in the mid-six figures, topping out at $450 grand a year for their CEO.
I’m happy to hear that Obamacare has made health coverage more affordable by taking it out of the hands of greedy, overpaid insurance company executives and adding a supervisory layer of greedy, overpaid government nonprofit bureaucrats. I assume that the term “nonprofit” in this case is meant in the same sense as in “For what shall it profit a man, if he shall gain the whole world, and lose his own soul?"