Feds Can’t Verify $2.8 Billion in Obamacare Subsidies | Washington Free Beacon
The federal government cannot verify nearly $3 billion in subsidies distributed through Obamacare, putting significant taxpayer funding “at risk,” according to a new audit report.
The Department of Health and Human Services (HHS) Office of Inspector General (OIG) released an audit Tuesday finding that the agency did not have an internal system to ensure that subsidies went to the right enrollees, or in the correct amounts.
“[The Centers for Medicare and Medicaid Services] CMS’s internal controls did not effectively ensure the accuracy of nearly $2.8 billion in aggregate financial assistance payments made to insurance companies under the Affordable Care Act during the first four months that these payments were made,” the OIG said.
So what does CMS do when they learn about the control issue (as if they didn’t already have a clue)?
In response to the audit, CMS said they issued a regulation to change their accounting methods.“CMS takes the stewardship of tax dollars seriously and implemented a series of payment and process controls to assist in making manual financial assistance payments accurately to issuers,” they said.
THEY ISSUED AN EFFING REGULATION. Oh yeah, that will fix everything.
A Rube Goldberg law implemented by a Rube Goldberg system. The phrase Keep It Simple Stupid (KISS), never came within light-years of anyone involved with writing or passing Obamacare.
BY ROBERT LASZEWSKI – Why Are The 2016 Obamacare Rate Increases So Large?
Instead of moderate rate increases for one more year, the big rate increases have begun.
Texas Blue Cross stands out. The health plan commented in its federal government rate filings that it covered 730,833 Obamacare individuals in 2014 with premium of $2.1 billion and claims totaling $2.5 billion––for a medical loss ratio of 119%. The plan further commented that, after the “3Rs” reinsurance adjustments, they lost 17% to 20% of premium in 2014–that would be about $400 million. And, they are only asking for a 20% rate increase.
As they say, read the whole thing.
The overriding issue is the healthy aren’t signing up. The sick people will sign up, however, for Obamacare to be actuarily sound requires the healthy to enroll. So far, it ain’t happening.
Obamacare, PERA adds stress to JeffCo schools budget
ObamaCare will permanently JeffCo’s budget by approximately $7 million for all budget years for the foreseeable future after 2017.
This about sums it up…
Once all of the increases are added up, and if the one-time administrative setup costs are omitted, ObamaCare will have permanently increased JeffCo’s budget by $8 million for all budget years for the foreseeable future after 2017.
To put the $8 million annual increase into some context, the JeffCo board is currently considering the construction of a new school, which has been estimated to cost from $15 to 25 million. If the district were able to forego the costs of the ObamaCare requirements and save those monies instead, it would roughly afford the district a newly constructed school every two to three years. For another point of comparison, $7 million represents roughly one percent of the school district’s yearly budget.
This issue appears to be somewhat restricted to Jeffco, who previously provided benefits only to full time workers, as in 40 hours per week. The Obamacare definition of 30 hours per week for f/t employees is responsible for much of the cost increase.