When Health Republic Insurance of New Jersey announced recently that it’s $46 million in debt and shutting down, it became the 17th failed ObamaCare co-op since the Affordable Care Act launched three years ago.
Those failures – just six of the original 23 co-ops remain – have left hundreds of thousands of people scrambling for coverage.
Meanwhile, insurers claiming big losses are leaving some state exchanges — including Indiana University Health Plans, whose exit is expected to result in 27,000 Indiana residents losing ObamaCare plans in 2017. And companies still operating in the federal and state exchanges are raising premiums for next year.
Together, the developments are posing new challenges for Americans seeking affordable coverage, and show the highly touted overhaul of the country’s health care system is in some cases not yielding the savings President Obama once promised.