Wyoming Liberty Group
Since Obamacare took effect in 2013, the cost of health insurance has exploded. Turns out it’s very costly for the insurers themselves and some are paying the ultimate price.
In early October, one of those insurers, WINhealth, announced it faced severe financial challenges and was leaving the Obamacare exchange. Just 11 days later, the company declared bankruptcy, leaving 13,000 Wyoming customers uninsured.
With just a few weeks until open enrollment, WINhealth has decided to leave Wyoming’s health insurance exchange. The insurer hoped that Obamacare’s federal bailout fund would pay for its losses. However, it only paid insurers a fraction of what it promised. Wyoming legislators rejected Medicaid expansion last year because they worried the federal government would renege on its promises and here is a prime example. Insurers have found out the hard way the federal government can’t be trusted. Let’s hope it is a lesson learned by legislators still pushing for Medicaid expansion.