Tuesday, February 21, 2012

More Obama Care Waste Questions

From the Havre Daily News: Health care cooperatives being launched in eight states announced Tuesday they will be receiving a total of $638 million in loans from the Obama administration under the federal health insurance law.
 The government said the new nonprofit health insurers will be run by their customers and will be designed to offer coverage to individuals and small businesses. Supporters say the co-ops will keep pressure on private insurance companies for both price and coverage.
 Critics, led by Republicans who oppose the federal health insurance law, argue the "government-approved" health insurance companies should not be subsidized by taxpayers.
Starting in 2014, millions of people who are currently uninsured will buy private coverage in new state markets under President Barack Obama's health care reform law. Tax-credit subsidies will help customers with the cost of the insurance.
The co-ops will compete in these state-run insurance exchanges, although co-op backers said they do not yet know the cost of premiums when the program will be formally unveiled in late 2013. Initially, they expect to compete for a small share of the overall health insurance market.
The new federal awards were announced for co-ops serving Montana, Iowa, Nebraska, New Jersey, New Mexico, New York, Oregon and Wisconsin. "It will be consumer-governed and will be responsive to consumer needs," said John Morrison, who is helping set up the cooperative in Montana.  http://www.havredailynews.com/news/story-431947.html
So, let's see, these co-ops are going to be competing against other health care insurance companies and the Federal government is giving them millions of dollars in loans?  That's competition?  And what happens when these co-ops can't compete?  Are the taxpayers on the hook for the millions of dollars in loans like all the green energy companies that have gone belly up or the auto induistr that still owes U.S. taxpayers billions of dollars?  In all likely hood, yes we taxpayers are going to be stuck in this grand unproven experiment the liberals are forcing upon the taxpayers.
Another reason why Obama will be a 1 term president despite who the GOP nominates.

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