Accounting Error Causes 16.2 Million Shortfall to Implement Oregon Healthcare Exchange…Before it Even Starts—Expect Millions More in Shortfall Before it is Done
State officials organizing a new health insurance exchange are planning to ask for more federal grant funding to plug a projected $16.2 million shortfall.
The shortfall stemmed from an accounting error that caused state budget and fiscal analysts to misproject when the state would use up funding from a grant to partially launch a computer system for the exchange.
Oregon’s exchange, called Cover Oregon, is an online marketplace where individuals and small business owners can comparison shop for health insurance and apply for financial assistance.
Lane Solutions Responds…
We’re shocked! We just don’t believe it…a government program short $16 Million because of an “accounting error”? Has this ever happened before? Surely not for the Affordable Care Act (AKA “Obamacare”), of which Cover Oregon is a part!
What’s that, Dear Readers? You say that it has? That the Pre-Existing Condition Insurance Plan for “uninsurables” – people with serious illnesses like cancer – has nearly run through a cool $5 Billion and needs big bucks from the states?
That Obamacare itself, originally set to cost $898 Billion over 10 years, is now projected to ring up $1.85 Trillion in costs?
But there’s no need to worry…because the government can always reach into your wallet to make up for its shortfalls, cost overruns or just plain ol’ “accounting errors.”