Fix Health Care Policy

Side Effects: Employees Lose Insurance and Taxpayers get the Bill Under Obamacare

The House Ways and Means Committee just released a report that shows that the most successful companies would save billions of dollars if they stopped offering coverage to their employees and dumped them into the taxpayer-funded Obamacare exchanges.

On a confidential basis, 71 Fortune 100 companies supplied information to the committee regarding the cost and coverage of their health insurance plans. The committee used the data to calculate the potential savings of dumping employees into the exchanges and paying the employer mandate penalty.

The report’s findings will likely scare the many Americans who like their current employer-sponsored insurance. The report concludes that companies could save $28.6 billion in 2014 alone by dumping their employees into the exchanges. Moreover, the savings grow over time: Between 2014 and 2023, dropping health coverage would collectively save these companies $422.4 billion—and that’s after paying the penalty.

(Read the rest on The Foundry…)

Tags: employer mandate penalty, House Ways and Means Committee, Obamacare exchanges, taxpayer-funded