Sunday, July 18, 2010

Obamacare Starts To Take It's Deathly Bite - Duh!!

Well when some of us warned a long time ago that Obamacare would mean businesses unloading their health insurance and forcing their employees into Obamacare, we were laughed at (to put it mildly). Guess what? We were right. It’s simply market forces at work – if firms pay for expensive healthcare, and all of a sudden they can save money by terminating it because a government option is available, why wouldn’t they?
Firms cancel health coverage
The relentlessly rising cost of health insurance is prompting some small Massachusetts companies to drop coverage for their workers and encourage them to sign up for state-subsidized care instead, a trend that, some analysts say, could eventually weigh heavily on the state’s already-stressed budget.
Since April 1, the date many insurance contracts are renewed for small businesses, the owners of about 90 small companies terminated their insurance plans with Braintree-based broker Jeff Rich and indicated in a follow-up survey that they were relying on publicly-funded insurance for their employees. more

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