business sheading health insurance

[BrntOrngStmpeDe]

Many companies have hinted at dropping employer provided insurance since ACA and Obama re-elect...

I'm of the opinion that this is a good thing. I think it is a more natural market and competitive market when consumers are directly responsible for choosing their health insurance.

as long as we have rules/laws in place to make sure that ins comp's are living up to their side of the contract, I think it will work better in the long run.

 

[Gone To Texas]

Okay.

If that's the objective, wouldn't it be far simpler to achieve by letting individuals deduct the cost of their health insurance? And/or removing the tax deduction that large companies currently get for same?

 

[militaryhorn]

You are assuming that the individuals dropped will go seek private insurance. If they don't, doesn't the ACA pick up their bill? Also, those who don't get insurance will now have to pay a tax for lack of coverage. If the government is picking up the bill for all those not covered, I feel the rates will stay the same or increase because the ACA will pay for their coverage. If I owned a business, I would drop coverage too since it is cheaper to pay the penalty than the cost of having insurance for my employees.

Of course, the best case scenario like you describe will result in a decrease because the insurance companies will need to lower cost in order to attract business or they will go out of business themselves.

We will see come 2014.

 

[msdw24]

If they are over 50 employees they'll pay a penalty for every employee for dropping coverage. Though it looks like the penalty will be cheaper than the insurance costs.

If you want to attract top employees you'll still have to offer benefits. I don't think you'll be seeing a ton of companies just drop coverage in 2014.

 

[majorwhiteapples]

I work for a large company and that question was asked, would the company drop company sponsored Health Care.

Answer:
"It is on the table to be discussed".

 

[gecko]

I'm not here to pimp for the ACA (its a steaming POS), but since I took on a high deductible plan a couple of years ago I've become a very savvy buyer of healthcare.

Case in point.....needed a CT scan recently. My out of pocket charge (after insurance discount) was $496. I asked reception, "what's the charge if I pay with my HSA card and you don't have to file it with BCBS?" 10 mins later, the charge was a miraculous $315.

Oh.....and they F'd up and filed it anyhow. When the statement of benefit arrived the "list price" for the scan was $2300. I paid $315. W-T-F!

 

[Crockett]

Gecko -- you should teach a class! There's a lot that can be learned that I've learned by experience. I've had three colonoscopy's -- not so much a pain in the butt as a pain in the wallet -- and I wish i had resisted. I had an MRI once for a hurting elbow. I should have gone to the orthopedist first rather than letting my GP talk me into an MRI. Tennis elbow was fixed with nothing stronger than a better anti-inflammatory.

I have an HSA now, but I'd still like to learn more about holding down health care costs. Also, whole families should learn about end-of-life care, where an incredible percentage of our health care dollars go. I don't favor assisted suicide, but I've know plenty of old folks with plenty of reason to have a do not rescusitate order. It's tragic when those are not in place. Death is not an enemy to be avoided at all costs. There are times when the cost of continued high intensity care -- in pain and treasure -- are not met with results that are good for the human spirit.

 

[BrntOrngStmpeDe]

IMO, it will eventually work its way to all companies dropping insurance. I think that is a good thing.

I think the primary drivers of greater healthcare costs are all these new procedures that did not used to have becoming common place and expected whether or not they are really necessary.

If individuals become responsible for a larger share of their payment and/or have to really make choices, much of this over treating will go away. And end of life issues will be based on a real (but painful) calculation of how much life an 85 yr old really has left and is it worth bankrupting the family to buy grams a few more months.

And the premiums will likely start really rising on obese, smokers and drinkers and those issues will be addressed by the individuals themselves.

 

[Uninformed]

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