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Obamacare Co-Ops Used Accounting Gimmick Approved by Feds

Home/Healthcare News, Political Zeitgeist/Obamacare Co-Ops Used Accounting Gimmick Approved by Feds

Obamacare Co-Ops Used Accounting Gimmick Approved by Feds

by Elizabeth Harrington | The Washington Free Beacon | March 1, 2016

Obamacare Co-Ops Used Accounting Gimmick Approved by Feds

Sovereign Solutions Editor’s Note:

I’ve heard often enough that big, bad, terrible corporations flout law, if not write it and exempt themselves, and so forth.

This is duly noted.

Previous posts have clearly detailed the Sovereign Liberty Solutions view that cronyism and anti-competitive force and fraud based practices and paradigms, as well as obviously whole systemsare unacceptable.

Clearly a bunch of corporations fit the bill.

However, we have also noted the obvious problems with big crony, symbiotic government and related entities.

Why is it that the controlled “LEFT” see BIG out-of-control corporations with super concentrated power as the problem while the controlled “RIGHT” see BIG out-of-control governments with super concentrated power as the problem, both respectively not seeing that both general views, when fused, are actually true?

Cronyism and artificially created and sustained advantages secured by initiating force, fraud, and coercion are the problem. Individuals like me and you losing OUR ability to choose, act, and seek value without cynical legal compulsions or restraints is a huge problem.

Big Government and Big Business get to be more empowered while you and I get to be weakened.

So why do the ostensible solutions to problems always amount to creating and supporting ever MORE of the same? Why the continued growth of Big Government and Big Business and the sort of shady arrangements as depicted in the featured article?

The healthcare markets clearly evidence the run-away problems stemming from both nominally private and public. [I say ‘nominally’ because it is difficult to state that the US healthcare ‘insurance’ organizations truly are private, what with their legislatively induced demand for serves and various different goodies under the prevailing RUBE GOLDBERG healthcare system]

The featured article demonstrates the clearly unfair and legally dubious advantages [not to mention economically RETARDED] afforded by virtue of being government backed, legislatively defined and created, not to mention, unfortunately, sustained.

No enterprise of any sort can survive and add value when it comes down to requiring such things. Despite it, though, most of the Obamacare co-ops have failed, with only 10 of 23, as of May 26, 2016, standing!

From the featured article:

Co-ops created under Obamacare reported net assets despite losing millions because they used an accounting trick approved by the Centers for Medicare and Medicaid Services.

Tax filings for 18 co-ops, including nine that collapsed in 2015, also revealed that co-op CEOs were paid handsomely before many had to shut down.

In July 2015, the Centers for Medicare and Medicaid Services amended its agreement with co-ops, allowing them to list $2.4 billion in loans they received from taxpayers as assets.

Cronies play both ways, having generally no reservations.

Don’t you get it yet?

You’re not part of the BIG CLUB 🙂

And note, once again, some people that do terrible jobs get rewarded quite handsomely.

It’s pretty much a script at this point—why think anything different will actually happen when there is no competition and authentic effort required to actually earn capital as well as customer payments in exchange for valuable services or product?

For those that expect more purely government or non-profit backed and/or run operations to do better than the admittedly terrible healthcare insurance companies today, please think again.

Accounting gimmicks and happy talk are not solutions.

Neither is being an obedient, naive fool.

FEATURED CONTENT

Co-ops created under Obamacare reported net assets despite losing millions because they used an accounting trick approved by the Centers for Medicare and Medicaid Services.

Tax filings for 18 co-ops, including nine that collapsed in 2015, also revealed that co-op CEOs were paid handsomely before many had to shut down.

In July 2015, the Centers for Medicare and Medicaid Services amended its agreement with co-ops, allowing them to list $2.4 billion in loans they received from taxpayers as assets.

“This notice is to inform you that the Centers for Medicare & Medicaid Services (CMS) will now allow co-ops to request that surplus notes be applied to Consumer Operated and Oriented Plan (co-op) Program start-up loans,” the agency said in a notice to co-op project officers. “Applying surplus notes to the startup loans will enable co-op borrowers to record those loans as assets in financial filings with regulators.”

Read More

CRITICAL SOURCES:

  1. http://thehill.com/policy/healthcare/281436-ohio-obamacare-co-op-shutting-down-due-to-finances

WHAT DO YOU THINK?

Do you have any objections, thoughts, concerns, or contributions? I REALLY WANT TO KNOW. Help me to make this a conversation!

Together we can map out better solutions and truly navigate clearer paths towards quality services, low prices, and better lives.

Oh! And as always, if you find this post useful, do me and so many others a huge favor. When it comes to this kind of information: share and share alike! Information is meant to be disseminated wide and far.

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Your Home for Liberty Bias in News, Opinion, & Solutions
By | 2017-03-28T13:25:31+00:00 May 31st, 2016|Categories: Healthcare News, Political Zeitgeist|Tags: , , |0 Comments

About the Author:

My name is Matthew. I am founder of and manage Sovereign Liberty Solutions. I am a proponent of free, voluntary association and expression. I understand that there is no single exception or excuse to violate this with the initiation of force, fraud, and coercion. I welcome a genuine dialogue & seek information, news, analysis, and, of course, solutions, whether it be on the individual level or a more voluntary association [group] or even "national" one.

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