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Get Ready To Say Goodbye To Your Health Insurance

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Get Ready To Say Goodbye To Your Health Insurance

CREATED Apr 8, 2013

It was one of the big lies the President told during the debate on Obamacare.  You know, the one where the President claimed that "if you like your health insurance plan, you can keep your health insurance plan".

Hah!

Under the so-called Affordable Health Care Act, employers with 50 or more full-time workers are required to provide coverage for employees who work an average of 30 or more hours per week.  Alternately, employers can avoid the mandate by paying a $2,000 penalty for each full-time worker over a 30-employee threshold.

The Wall Street Journal has an article describing how this is working in practice.

Business after business is crunching the numbers and realizing that offering insurance to all employees who work more than 30 hours a week would be absolutely crippling.  Some employers are responding by reducing the hours of part-timers below the 30-hour threshold.  Others are simply opting to drop health insurance all together, pay the penalty and dump their employees into the private exchange programs.

One employer quoted in the story says that providing health insurance for all qualifying employees will drive his health insurance costs from the current $140,000 to over $500,000.  His only realistic option is to pay the $144,000 penalty.

in other words, the employees will be losing their company sponsored health insurance in favor of being dumped into the insurance collective (which will undoubtedly have higher costs and worse coverage)!

Some employers say that they will continue to offer private health insurance plans.  We'll see - but color me skeptical.  

Actually, I think this has been part of the plan all along to force us into a single payer system.  Make it economically undesirable enough for businesses to provide health insurance - and pretty soon, they won't.  The result is that we get de facto nationalized health insurance because there will be no other options.

On behalf of the millions of Americans who are relatively satisfied with the health insurance they currently receive through their employers, I hope I'm wrong about where I see things going.

If I'm not wrong though, get ready to say goodbye to your health insurance.