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Friday, September 5, 2014

Will ObamaCare mean the end of employer-provided insurance?

The  growth in the implementation of the Federal Affordable Care Act is beginning to have major ramifications in the delivery of medical care. Today's post os shared from
President Obama's famous promise that “you can keep your plan and your doctor, no matter what” was not the only misleading argument he made for his health care plan. There is yet another controversy, with even bigger consequences, brewing for Americans who already have health care.
Analysts predict that as ObamaCare takes hold, it will mean the end of employer-provided insurance, with former Obama adviser Zeke Emanuel predicting that80 percent of such plans will disappear within ten years.
"It's going to actually be better for people," Emanuel argued. "They'll have more choice. Most people who work for an employer and get their coverage through an employer do not have choice."
The Wall Street research firm S&P IQ went even further, predicting90 percent of such plans will disappear.
The firm's Michael Thompson explained, "the companies will really be hard pressed to justify why they would continue to have to spend the kind of money they spend by offering insurance through corporate plans when there's an alternative that's subsidized by the government."
Analysts predict this historic change because the penalty for not offering insurance -- $2,000 per worker -- is much less than the cost of providing it.
"For a worker making only $15 an hour, typical employer coverage for a family costs $15,000 or $16,000, that's more than half of that worker’s annual wage," explained health care economist John Goodman.