Wednesday, April 29, 2015

Shocking Nobody: Obamacare's Insurer Bailout Program is 28% Short of Bureaucrats' Projected Revenue

Tack the difference onto our deficit, please! 

This is from Allison Bell writing at LifeHealthPro:
A big Patient Protection and Affordable Care Act (PPACA) insurer support program may fall far short of its 2014 revenue target. 
PPACA calls for the program, the PPACA reinsurance program, to collect $12 billion in issuer payments for 2014. 
Officials at the Center for Consumer Information & Insurance Oversight (CCIIO) say in a memo that the reinsurance program has received just $8.7 billion in payments, or 28 percent less than the amount set by the statute. 
Coverage issuers have scheduled another $1 billion in payments to come in by the end of the year. 
If the program ends 2015 with $9.7 billion in issuer payments, the program would have 19 percent less funding than expected. ... 
HHS was planning to use just $10 billion of the reinsurance revenue to pay reinsurance claims. It was hoping to send $2 billion in excess revenue to the U.S. Treasury Department, to help the federal government pay its bills....
To nobody's surprise, Obamacare's Three-R's (Insurer Bailout Scheme) is under water.