RWB News: If the plan was to put America on a government ran healthcare system Obamacare is doing a great job taking us there.
Several businesses like McDonalds are reporting they can not implement the new mandates included in Obamacare and remain a viable business finacially. In a memo McDonalds warned federal regulators that it could drop its health insurance plan for nearly 30,000 hourly restaurant workers unless regulators waive a new requirement of the U.S. health overhaul…..we can't survive and do the mandates as listed…pretty clear memo.
Earlier last month it was reported that several insurance companies would be dropping all health insurance plans that included coverage for children. I know I know, Those big mean insurance companies are just out to make money. When the monstrosity they call Obamacare was passed no one had read it. Remember Nancy Pelosi's motto "we have to pass it so you can see what is in it". Well it looks like businesses and Insurance Companies are finally seeing "what's in it" and don't like what they are seeing. I know it is hard for a liberal or a member of the "new" democratic party to believe the main goal of a business is to "survive". Common sense 101 says "when a business survives they can keep people employed and sometimes even hire more people". When they see something that may keep them from "surviving" they have to make adjustments or die.
Principal Financial Group said Thursday that it will leave the medical insurance business, further reducing competition among health insurers in Iowa. The company, based in Iowa, provides coverage to about 840,000 people who receive their insurance through an employer (guess those people don't fall into the category of "If you like your insurance you can keep it"). The Chairman of Principle is on record saying "The medical business continues to be one that undergoes rapid change, which would mean investing additional capital into the business to be able to offer competitive products. For us, that just does not make sense."
So we have big businesses saying they are be forced to drop health insurance for thousands of people if this bill is not changed, we have insurance companies dropping children because they can't afford the new regulations in Obamacare and "survive" and smaller insurance companies going out of business because of the "change" that is coming. So if businesses take away healthcare coverage for their employees and insurance companies start dropping coverage for children where do they all go? You will have a choice of a few "major" private insurance companies that you probably won't be able to afford or you can stand in line at a government healthcare clinic while your spouse waits in the government cheese line. Common Sense 101! Repeal and Replace Obamacare!!
As reported by the NY Times
The Principal Financial Group announced on Thursday that it planned to stop selling health insurance, another sign of upheaval emerging among insurers as the new federal health law starts to take effect.
The company, based in Iowa, provides coverage to about 840,000 people who receive their insurance through an employer.
Principal's decision closely tracks moves by other insurers that have indicated in recent weeks that they plan to drop out of certain segments of the market, like the business of selling child-only policies. State regulators say some insurance companies are already threatening to leave particular markets because of the new law. And some regulators in states like Maine and Iowa have asked the Obama administration to give insurers more time to comply with some of the new rules.
"What you're seeing is the beginning of some serious math and some posturing," said Len Nichols, a health economist and policy expert at George Mason University. While some insurers, like Principal, are choosing to leave the business rather than make the necessary investments to stay, others may be simply trying to delay some of the new rules or overturn them, he said.
McDonald's recently asked federal officials for an exemption to rules that would ban the kind of health plans many of its restaurant workers have, because the existing policies sharply limit coverage. The McDonald's push was first reported by The Wall Street Journal on Wednesday night. A McDonald's spokeswoman declined to comment on that report, and the company has denied any intention of dropping coverage for its employees.
Read the rest of the story: http://www.nytimes.com/2010/10/01/health/policy/01insure.html?_r=2&scp=1&sq=principal&st=cse
swenbwr
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