New York's LARGEST Healthcare Provider Pulls Out of Obamacare After Major Losses
All the Obamacare repeal promises fizzled out and died after the last frustrating vote. The repeal has been a hideous failure rivaled only by that of Bill de Blasio's attempt at talking. Naturally we're all a bit sore over it, but New York's biggest healthcare provider is especially feeling the pang of defeat. Hence they decided to pull themselves out of the dumpster that is Obamacare:
A major insurer run by New York state's largest medical provider is pulling out of Obamacare because of massive losses, the company announced Thursday.
Northwell Health (the former North Shore-Long Island Jewish Medical Center network) blamed a flawed provision in the Affordable Care Act - and the lack of action in Washington to fix it - as the culprits for winding down its CareConnect insurance company.
The firm said it has to pay $112 million last year into a risk insurance pool created to prop up insurers that had a disproportionate number of high-risk or money-losing clients. The high payments were bankrupting CareConnect and becoming a financial drain on its parent company, Northwell.
We've already gone into detail regarding why Obamacare is a giant fail. The results are clear to see. Just take a gander at the health industry in the past two years alone. It's as awful as Amy Schumer running naked on a beach. In slow motion. See Vox Asked for Obamacare 'Success' Stories to Push Liberal Agenda. It Backfired Magnificently! and WATCH: Maria Bartiromo Rips Into Obamacare Architect on Job Loss.
Not only has the ACA ravaged insurance companies themselves, it has also caused premiums to skyrocket. It hasn't been affordable for either the patient or provider. As a result, the entire economy has suffered massive damages. It's even helped unemployment to climb. Thanks Obama.
Obama may be gone but his legacy of crap remains. All the while the left celebrates while real people and companies suffer. So much for their monopoly on "caring."