ObamaCare Update: Companies Re-Structuring & HHS
There are more Job Changes due to ObamaCare. Now, Trader Joe’s is the next in a long list changing its benefit programs in response to ObamaCare. TJ’s announced this week it will suspend health insurance benefits for its part-time employees. This after Delta announced $100 million in increased costs last month and UPS announced it will drop health insurance for 15,000 spouses in 2014 due to ObamaCare costs.
Last week, HHS announced that the Federal Data Hub is up and working. The data hub is the backbone of the health insurance exchanges and verifies individuals’ income, tax status, immigration status, criminal background, and Social Security numbers among other things. Outsiders who are knowledgeable of the process are still concerned about the hub’s effectiveness.
Last week, the AFL-CIO adopted a resolution calling for amendments to ObamaCare. The initial resolution called for ObamaCare repeal but was changed after pressure from the White House. Now, let’s not celebrate too much as unions are simply looking for their exemption to ObamaCare.
The National Bureau of Economic Research released a new study from prominent labor economist, Casey Mulligan. According to Mulligan, the various provisions in ObamaCare will functionally work to raise marginal labor income tax rates by 10% by 2015 for half of the adult population. As described in the abstract “The ACA’s addition…is roughly equivalent to doubling both employer and employee payroll tax rates for half of the population.” http://www.nber.org/papers/w19365
The US House introduced Rep. Roe’s new plan for health reform and passed it out and onto the Senate. AFP supports Rep. Roe’s American Health Care Reform Act to repeal ObamaCare, with a few caveats. The plan would do the following things:
·Eliminate the income exclusion for employer-sponsored insurance and replaces it with a $7,500 ($20,000 for families) standard deduction.
·The value of the deduction would growth with the Consumer Price Index.
·Funds state-based high risk pools, but caps premiums for those with preexisting conditions.
AFP just lowered the boom on ObamaCare with a $3million TV ad buy nationwide! Watch the new ad here
Afraid that the federal exchange won’t be ready by Oct. 1, HHS Director Kathleen Sebelius is now saying October may be “soft launch.” HERE. With less than two weeks to go, insurance officials and various HHS sources suggest the exchange isn’t even able to properly calculate how much individuals must pay for insurance.