Sen. Cory Gardner is shinning light on the potential financial disaster that is Colorado’s Health Cooperative by asking the secretary of Health and Human Services to investigate whether the organization is financially solvent.
Considering it posted a loss of $23 million last year, which is four times what it had initially projected, we’re going to guess their books are not in good shape.
For those who haven’t heard of the cooperative, Obamacare created them as an alternative to private insurance. Colorado HealthOP received a $72 million federal loan, and if they can’t pay that back taxpayers are on the hook.
Despite the $23 million loss, which was among one of the largest reported by the 23 government-funded cooperatives, the chief of Colorado HealthOP maintains they are good financial shape. He must also believe in unicorns and the tooth fairy.
Sadly, this story has become all too familiar. Whether it is healthcare or solar panels, the government is routinely careless with our money. As long as that continues to be the case, voter anger isn’t going anywhere.
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