Another Obamacare failure

Hopefully, you don't have your health insurance through Land of Lincoln Health, one of the many health insurance companies that went into business under Obamacare.

The State of Illinois is shutting Land of Lincoln down, because it appears to be financially unable to stay in business.

49,000 policyholders will find their policies canceled, and they must arrange their health insurance elsewhere.

As a former insurance agent, I knew that there was no way that Obamacare could succeed. You can't force insurance companies to insure everyone, regardless of health and without regard to pre-existing conditions, at affordable premiums. It can't work.

Read why Land of Lincoln was required to pay $31,800,000 to other insurance companies. Keep in mind that it was a new company.

Land of Lincoln lost $90,000,000 last year.

Read in this enlightening statement in the Chicago Tribune article: "Then they (the co-ops like Land of Lincoln) were blindsided last year when federal money they counted on to offset their losses didn't come through." Land of Lincoln has sued the Feds for $70,000,000 under one Federal program.

But it's too late.

In December of last year one South Carolina Obamacare company with 39,000 policyholders shut down. Policyholders had had about 90 days to replace their policies. How many other Obamacare companies are already out of business or heading down the drain.

Remember that huge bill in Congress and Nancy Pelosi's infamous comment that Congressmen to approve the bill in order to find out what was in it? And Californians keep electing Pelosi. Idiots!

Source:  http://www.chicagotribune.com/business/ct-land-of-lincoln-shutdown-0713-biz-20160712-story.html