Very short version? Kentuckians hate Obamacare, want to keep Kynect, don’t want to cut back Medicaid… and yet, they just decisively elected a guy who only agrees with them on the first point. If not-going-to-be-Governor Jack Conway is reading this article, it’s probably with a bottle of bourbon in his fist.
Meanwhile, Matt Bevin? He’s probably reading it and shrugging. The people of Kentucky did elect him, after all. And it’s not like they didn’t know what he was going to be doing, right?
Why? Because the subsidy is drying up, of course: “Kentucky Health Cooperative, a nonprofit insurer known as a co-op, explained that it could not stay financially afloat after learning of a low payment from an Obamacare program called “risk corridors.”” The short version: the Democrats set up a program where higher-performing insurers would be fined for doing well, and that money would then be given to lower-performing insurers to prop them up. SHOCKINGLY*, this turned out to be unsustainable: this administration apparently can only pay out about one-eighth of the funds that were requested by the aforementioned lower-performing insurers. And since apparently the co-op in Kentucky can’t function without that money, it will be going belly-up. Fifth co-op to do that nationwide, by the way: and most of the rest are in the red, too. Continue reading Kentucky’s federally-subsidized Obamacare co-op to close.
Remember: the state Obamacare exchange in Kentucky (Kynect) was imposed via executive order by Democratic Governor Steve Beshear. It was not passed by the legislature. And since Governor Beshear was so incredibly happy to take credit for his top-down solution, then he can certainly explain to Kentucky taxpayers why they’re now stuck with the bill:
The Kentucky Hospital Association outlined its concerns in a report released Friday called “Code Blue,” saying payment cuts to hospitals are expected to reach nearly $7 billion through 2024. “Kentucky hospitals will lose more money under the Affordable Care Act than they gain in revenue from expanded coverage,” it said, experiencing a net loss of $1 billion by 2020.
Staff layoffs. Patients forced onto Medicaid. Increased bureaucracy. Loss of hospitals. A steadily-increasing debt. This is what the Democratic party – specifically, Governor Steve Beshear – has wrought for Kentucky. Not that they care. Or are prepared to admit it, unless they absolutely have to. Wouldn’t fit the official Democratic narrative that Steve Beshear has provided good medical care and pie to the good citizens of Kentucky…