Kentucky’s largest provider of health insurance on the Obamacare exchange, Kentucky Health Cooperative Inc., is now folding due to insolvency, Kentucky.com reported.
"The co-op, financed by loans under the reform law, lost $50 million last year after selling 75 percent of the private insurance policies purchased on Kynect in its first year," states the article.
The co-op’s CEO said it had to shut down because they did not receive the federal funding they relied on.
Yet, the co-op received $146 million in loans funded by taxpayers.
"Barely a week goes by that we don’t see another harmful consequence of this poorly conceived, badly executed law," said Sen. Mitch McConnell (R., Ky.). "Despite repeated Obama administration bailout attempts, this is the latest in a string of broken promises with real consequences for the people of Kentucky who may now be losing the health insurance they had and liked twice within the past three years because of Obamacare’s failures."
Many other states such as Iowa, Nebraska, New York, and Nevada have received taxpayer dollars and $688.5 million has been spent on failed co-ops.
"Over $688.5 million taxpayer dollars wasted and hundreds of thousands more Americans losing health insurance because Obamacare designers put health care in the hands of an ill-conceived thought experiment," said Nathan Nascimento, a senior policy analyst at Freedom Partners. "This is what happens when Washington manages our health care."