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Are the plans fully ACA compliant? Businesses are exempt from the latest ACA mandates until next year.
What states are you in that more competition was developed in the group marketplace?
We are a small company with four salaried employees in Minnesota. The big advantage of a group policy was that insurance couldn't be denied because of pre-existing conditions, but with ACA that's no longer an issue. In my state, Minnesota, the health care system is outstanding relative to most places and there are a lot of options with lots of competition. We found it cheaper to simply give money to employees and let them choose their own individual plan since they can't be denied. We pay 100% of the premiums for whatever Platinum plan they want. We were paying about $13,000/year for each last year and $10,000/year this year. They'll have to pay taxes on what we give them (very unfair to individuals compared to large corporate employees, isn't it.), but it's still cheap for them and they are getting policies with very low deductibles and out of pocket expenses at the Platinum level.
These are highly qualified and highly compensated professional employees who would not work for a company that did not offer an ACA compliant (or equivalent) health care policy.
I think people that complain about the ACA either don't have the facts, or they live in states where their politicians have screwed up the system. I was vacationing in Florida in February and astounded by the continuous political ads bashing the ACA with what seemed to me to be very false claims. There was one repeated all the time with some forlorn and angry young woman claiming she lost her old policy because of Obamacare and now had to pay $6,000 MORE every year for a policy she didn't want!!! So I pretended I was a 40 year old woman who lived in Tampa and checked the policy costs for an ACA policy. The best plan from Florida's biggest provider was roughly $6,000 itself (In Minnesota, it would have been closer to $5,000). So obviously this was a fear mongering and false political ad. If people in Florida are bombarded with this kind of trash all the time, I can see why so many are against Obamacare.
Of course; healthcare cost are all part of bottom line; either raise prices of goods or reduce cost.Direct or indirect cost and we haven't even seen the total bill yet especially to state Medicare cost.
In my state, Minnesota, the health care system is outstanding relative to most places and there are a lot of options with lots of competition. We were paying about $13,000/year for each last year and $10,000/year this year. .........they are getting policies with very low deductibles and out of pocket expenses at the Platinum level.
I think people that complain about the ACA either don't have the facts, or they live in states where their politicians have screwed up the system. I was vacationing in Florida in February and astounded by the continuous political ads bashing the ACA with what seemed to me to be very false claims. There was one repeated all the time with some forlorn and angry young woman claiming she lost her old policy because of Obamacare and now had to pay $6,000 MORE every year for a policy she didn't want!!! So I pretended I was a 40 year old woman who lived in Tampa and checked the policy costs for an ACA policy. The best plan from Florida's biggest provider was roughly $6,000 itself (In Minnesota, it would have been closer to $5,000). So obviously this was a fear mongering and false political ad. If people in Florida are bombarded with this kind of trash all the time, I can see why so many are against Obamacare.
Minnesota is a great progressive, prosperous state with intelligent and sensible governance. C-Span recently had a guest who stated MN has the lowest ACA rates in the country. So much for the boogeyman of progressive policies.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by Yosh01
I think people that complain about the ACA either don't have the facts, or they live in states where their politicians have screwed up the system.
There are still many of us that lost our great deductible plan because the cost became too much for our employers to pay, due to the provider increases and potential "cadillac plan tax." What cost me about $600 out of pocket in 2013 will cost about 10 times that much in 2014 if our needs are the same. Our premiums are a bit less but the high-deductible with HSA we had to go into means a lot of treatment costs paid at the time of service.
Of course; healthcare cost are all part of bottom line; either raise prices of goods or reduce cost.Direct or indirect cost and we haven't even seen the total bill yet especially to state Medicare cost.
The total cost and who will pay has yet to be determined.
Medicaid costs to the state are a huge unknown
We are a small company with four salaried employees in Minnesota. The big advantage of a group policy was that insurance couldn't be denied because of pre-existing conditions, but with ACA that's no longer an issue. In my state, Minnesota, the health care system is outstanding relative to most places and there are a lot of options with lots of competition. We found it cheaper to simply give money to employees and let them choose their own individual plan since they can't be denied. We pay 100% of the premiums for whatever Platinum plan they want. We were paying about $13,000/year for each last year and $10,000/year this year. They'll have to pay taxes on what we give them (very unfair to individuals compared to large corporate employees, isn't it.), but it's still cheap for them and they are getting policies with very low deductibles and out of pocket expenses at the Platinum level.
These are highly qualified and highly compensated professional employees who would not work for a company that did not offer an ACA compliant (or equivalent) health care policy.
I think people that complain about the ACA either don't have the facts, or they live in states where their politicians have screwed up the system. I was vacationing in Florida in February and astounded by the continuous political ads bashing the ACA with what seemed to me to be very false claims. There was one repeated all the time with some forlorn and angry young woman claiming she lost her old policy because of Obamacare and now had to pay $6,000 MORE every year for a policy she didn't want!!! So I pretended I was a 40 year old woman who lived in Tampa and checked the policy costs for an ACA policy. The best plan from Florida's biggest provider was roughly $6,000 itself (In Minnesota, it would have been closer to $5,000). So obviously this was a fear mongering and false political ad. If people in Florida are bombarded with this kind of trash all the time, I can see why so many are against Obamacare.
Its nice that you offer this to your employees. I'm sure other companies wouldn't be as generous, particularly if they have low skill employees.
Are your employees really doing better financially though? Now they are paying tax on 13K as income when before they were getting their insurance benefit free of taxes.
Are you still able to write off the 13K per employee as health insurance tax credit to your business?
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