Another Heritage expose from November 5th...
* * *
Before 11 of the 23 non-profit insurers created under ObamaCare
announced they would be closing their doors, the top executives running their
operations raked in large sums of money.
According to 2013 tax filings accessed through
Guidestar.org, the top executives at the 11 co-ops that have announced they
will be winding down operations made an average of $245,203 annually. Tax
filings for 2014 are not yet publicly available.
The Affordable Care Act placed a $500,000 salary cap on
co-op employees, and executives running the non-profit insurers...
* PLENTY OF "PROFITS" FOR THOSE RUNNING THE
FAILED OPERATIONS THOUGH!
...earned a high of $490,125 — paid to Jerry Burgess,
chief executive of Consumers’ Choice Health Insurance Cooperative in South
Carolina — and a low of $46,524 — paid to Joanne Hill of Colorado HealthOP in
Colorado.
* GOOD FOR JOANNE HILL. (I WONDER WHAT HER PERKS WERE
THOUGH...)
In 2014, the median income for households was $53,657.
* THAT'S "HOUSEHOLDS," FOLKS; NOT INDIVIDUAL
WORKERS.
Aaron Albright, spokesman for the Centers for Medicare
and Medicaid Services, told The Daily Signal the co-op loans cannot be used to
provide “excessive compensation.”
* $490,125 - "EXCESSIVE?" NAH...
(*SMIRKING WHILE SNORTING*)
* IMAGINE WHAT A TOP "NON-PROFIT" EXECUTIVE
WOULD MAKE IN RETURN FOR N*O*T RUNNING THE EXCHANGE INTO THE GROUND!
Hill founded Colorado’s non-profit insurer but left last
month after Colorado HealthOP elected new members to its board.
Of the executives identified in relevant tax filings,
four moved on to other jobs. One of those four, Tom Zumtobel ($414,359), who
previously served as Nevada Health Cooperative’s chief executive officer, left
and became the head of Arizona’s co-op.
(*GUFFAW*)
Congress created the co-ops to inject competition into
areas where few insurance providers offered plans. The federal government
awarded $2.4 billion in start-up and "solvency loans" to 23 co-ops
that were approved by the Centers for Medicare and Medicaid Services.
Since ObamaCare went into effect in 2013, 11 co-ops have
announced they’re winding down operations and no longer offering insurance on
the state-run and federal exchanges in 2016. Those 11 co-ops are located in
Arizona, Colorado, Iowa, Kentucky, Louisiana, Nevada, New York, Oregon, South
Carolina, Tennessee, and Utah.
The failed co-ops received more than $1.1 billion in
total and enrolled more than 690,000 Americans in plans, according to the
Centers for Medicare and Medicaid Services and state regulatory filings.
The Daily Signal reached out to all 11 co-ops for comment.
Nine of the non-profit insurers did not return requests for comment.
Kentucky Health Cooperative directed questions to the
state Department of Insurance...
The Louisiana Health Cooperative did not have a comment...
The Centers for Medicare and Medicaid Services also did
not return a request for comment.
* CHECK OUT THIS CHART!
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