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Under the law, employers with more than 50 employees must either offer qualifying health insurance to all full time employees or pay a fine of $2,000 per worker each year. Currently, Baked in the Sun does not offer health insurance to 90 of its 95 employees, which means that owners Rachel Shein and Steve Pilarski face a difficult choice: They can offer health insurance to their employees and figure out how to finance the additional cost; they can pay a fine for not offering health insurance; or they trim their full time workforce below 50 employees so that they can avoid both the cost of offering insurance and the cost of the penalty.
Baked in the Sun’s owners estimate that the cost of offering insurance will run about $200 per employee per month, or about $216,000 per year to cover all 90 currently uninsured employees, of which the employer will pay half and the employee would pay the rest. Their annual revenues are $8 million, but because food service is extremely low margin, only about $200,000 of that is profit, meaning that financing the $108,000 employer half of the additional coverage could cost them half of their yearly profits.
Still, it’s clearly a more attractive choice than paying the $2,000 per-worker annual fine, which would actually cost them more than offering the insurance. According to the article, even with an exemption for the first 30 employees, paying the penalty would still cost about $130,000 a year.
Seems like the closer we get to 2014, when everything really takes affect, the more we see how right we were about Obamacare. You naysayers out may have to eat a lot of crow. Much of what we said was coming, and many denied is actually coming.
Small businesses will be hurt. Jobs will be lost. Curious to see what affect this is going to have on the economy and the unemployment numbers next year. I cant imagine it will be good. I think we all are going to be affected by this, and mostly in a negative way. Only time will tell who the ill informed voters pin the blame on. Will they continue to say oh its just the employers fault or this rich guys fault, or will they finally wake up and see that the government is not the solution to our damn problems.
Every other story I read about Obamacare, I get sickened more by the words I still hear plainly in my mind, "we have to pass the bill, so you can find out whats in it". That evil, twisted woman. How she can even sleep at night, how people can look up to her can not be comprehended.
Well there are other stuff too, there are clauses that mandate the employer pick up the cost if the premium exceeds 10% of their salary and they have to do dependent care... 200 a month is far FAR too low but they are probably getting a HUGE discount... I looked at health insurance for company family rates and it is around 10k a year (a little less than 1k per month)... What i wonder is how are the workers going to afford health insurance when even the exchanges are expensive and it is required to have one... Current exchanges have costs of 4k per year after the government subsidy (assuming extremely low wages) or medicaid... But what about independent contractors and temp workers?
For some reason the masses think all businesses are hoarding millions of dollars for themselves and have plenty of money to spread around.
Ill be the first to say that big corporations may and do fall into that category. But small businesses, how in the world can anyone believe the they fall into that category? I think small businesses will probably be the most affected by this. But even that is hard to say. We continue to learn new things and worse yet, we really wont know just how bad this is going to be until its too late.
I have yet to hear anyone, especially now that we are getting closer, show with facts that Obamacare will not be a disaster, let alone have a positive overall impact. Its just not possible.
Ill be the first to say that big corporations may and do fall into that category. But small businesses, how in the world can anyone believe the they fall into that category? I think small businesses will probably be the most affected by this. But even that is hard to say. We continue to learn new things and worse yet, we really wont know just how bad this is going to be until its too late.
I have yet to hear anyone, especially now that we are getting closer, show with facts that Obamacare will not be a disaster, let alone have a positive overall impact. Its just not possible.
Why do you oppose people being allowed to get healthcare insurance?
No, I'm serious. Obamacare will allow people with pre-existing conditions to obtain healthcare insurance, when before, the insurance companies would not sell it to them at any price. That alone will make a huge difference in the lives of thousands of people. Why would you be against that?
Why do you oppose people being allowed to get healthcare insurance?
Anyone can get healthcare insurance. Obamacare didn't change that.
It's that people don't want to pay for it out of their own pockets as they say it's too expensive.
So now we have Obamacare to force business to pay or the government will subsidize those high UNAFFORDABLE insurance premiums.
But people have always been free to go buy any insurance they want...all they had to do was pay the premiums.
No, I'm serious. Obamacare will allow people with pre-existing conditions to obtain healthcare insurance, when before, the insurance companies would not sell it to them at any price. That alone will make a huge difference in the lives of thousands of people. Why would you be against that?
People with pre-existing conditions were able to buy insurance.
But the market was small and the cost was very high.
Obamacare changed the market for it but the cost is still very high.
Many didn't bother with the high risk pool because they still couldn't afford the premiums even with subsidy.
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