Why even more employers may do away with healthcare
The Affordable Care Act isn’t looking so affordable.
The Congressional Budget Office reported in its updated budget outlook that Obamacare will push nearly seven million people out of their employer’s health insurance.
The CBO had previously estimated that four million would be out of health insurance, but revised the outlook when this year’s tax cuts went into effect. For employers, it’s less attractive to pay for insurance. The CBO estimates that most will opt to pay the penalty, which will add up to about $13 billion in higher fees over the next 10 years.
Overall, 27 million people are expected to gain health coverage by 2017, which is about 5 million less than the CBO originally projected.
Obamacare will cost the government $1.165 trillion over the next decade, which doesn’t differ from the CBO’s previous outlook. However, the organization still predicts that the healthcare law will reduce budget deficits for the short-term.
What are your thoughts on this news? Let us know in the comments below.
- Share on
Free Training & Resources
Webinars
Provided by Yooz
Further Reading
Believe it or not, more than 80% of workers like their employers’ Paid Time Off (PTO) packages. But that doesn’t stop a surpris...
Americans use more healthcare services than any other people. So we pay more as a result — and the cost is going up every year. 2025 ...
Today’s economic conditions have placed most working Americans in a tight spot unlike anything since the Great Depression. And it’s...
The Department of Labor (DOL) is once again taking a neutral stance on offering a certain investment option to retirement plan participants...
Financial wellness programs often sound expensive or complex, but the truth is that one simple step — helping employees better unders...
With benefits costs climbing and new laws like SECURE 2.0 adding complexity, viewing employee benefits as a simple fixed cost is an outdate...
