South Carolina Obamacare co-op ninth to shut down

By Robert King, Robert King

Published December 20, 2015

The ninth taxpayer-funded Obamacare insurance startup has decided to close down, another victim that blames few federal dollars for the closure.

South Carolina's Consumers' Choice Health Insurance Company said Thursday it would not offer plans in 2016. It is the ninth of 23 Obamcare-funded co-ops to announce it would not offer plans.

South Carolina's co-op follows four other co-ops that have decided to close up shop in the past two weeks. The co-ops were created to offer more competition for consumers on the Obamacare health insurance exchanges.

The impetus for South Carolina and many of those states is a lack of funding from Obamacare's risk corridor program, which seeks to reimburse insurers for taking on more sicker and older Americans.