What will be the effects of ObamaCare?
My friend Lisa Cummings, an expert on employee benefits (she was one of the first employees at Dell and was a senior exec at Wal-Mart), has analysed the bill; and from what she tells me it appears to be one big pile of unintended consequences and costs.
It will be far cheaper for an employer to simply pay the $2,000 fine and pay for the employee to enroll in the government health exchange program, which of course puts more cost on the taxpayer.
Behind the curtain of wonderful and laudable objectives is a mountain of regulations and costs. But that is what is coming. I asked Lisa to give me a written report on just the more important changes and costs, and that is your Outside the Box reading today.
Lisa Cummings is an expert global benefits consultant with an emphasis on advising Fortune 500 companies of best practices regarding plan design and legal compliance. She is an ERISA attorney by training and has a rich experience with health and retirement plans in the US and around the world. For more information, you may contact her at [email protected] Many thanks, Lisa, for taking the time out of your busy schedule.
(This part of the post was written by John Mauldin and is reprinted from John’s “Outside The Box” newsletter–which you can sign up to receive for free here. The analysis that follows is by Lisa Cummings.)
To put ObamaCare in context, keep in mind nearly 60% of Americans receive their health care from their employer. 19% of Americans have no health coverage.
Once ObamaCare is in force in 2014, the uninsured will be redistributed: a third will go to Medicaid, 28% will go to Government health exchanges, and the remaining 41% will continue to be uninsured.
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