Obama lied, your current health care coverage died

Remember how Obama promised that if you liked your current employer-based health care coverage, you could keep it?

Yeah, well, he was lying.

A report by McKinsey & Co. has found that 30% of employers are likely to stop offering workers health insurance after the bulk of the Obama administration's health overhaul takes effect in 2014.

The findings come as a growing number of employers are seeking waivers from an early provision in the overhaul that requires them to enrich their benefits this year. At the end of April, the administration had granted 1,372 employers, unions and insurance companies one-year exemptions from the law's requirement that they not cap annual benefit payouts below $750,000 per person a year.

But the law doesn't allow for such waivers starting in 2014, leaving all those entities—and other employers whose plans don't meet a slate of new requirements—to change their offerings or drop coverage.

I hope you enjoy the DMV-style service from your new government health care.

1 comment:

The Political Palaver said...

I'm amazed at how many of these waivers have been granted. Limits the outrage a little, I guess. I wrote an article about this and the administration's immediate response a when the story first broke last year. Give a read if time.


CalPERS Fail

Despite the awesome bull market this year, CalPERS again missed its return target, earning only 5.8% vs. its required 6.8%. CalPERS has mi...