Sep 20 2014

Angle: If Obamacare Stays, Employer Based Insurance Coverage Will Go

JIM ANGLE, FOX NEWS: In yet another controversy for Obamacare, analysts anticipate it will mean completion of company offered insurance, with previous Obama advisor Zeke Emanuel composing that 80 percent of such strategies will certainly disappear within 10 years.

EZEKIEL EMANUEL: Its going to really be much better for individuals. Theyll have even more selection. Many individualsMany people who work for an employer and get their protection with an employer do not have option.

ANGLE: The Wall Street research company SP Capital IQ goes even additionally, anticipating 90 percent of such plans will certainly vanish.

MICHAEL THOMPSON, SP CAPITAL IQ: The business will actually be hard-pressed to justify why they would continue to have to invest the kind of money they invest by providing insurance through corporate strategies when theres an alternative thats subsidized by the government.

ANGLE: The factor experts see this historic modification is because the penalty for not offering insurance– $2,000 per employee– is much less than the expense of supplying it.

JOHN GOODMAN, NATIONAL CENTER FOR POLICY ANALYSIS: For an employee making only $15 an hour, normal company protection for a family costs $15,000 or $16,000. Thats more than half of that workers yearly wage.

ANGLE: Producing an incentive for employers to move low-income employees to the exchanges. However in his very first project, well prior to the law passed, Mr. Obama greatly slammed a Republican proposition, suggesting such coverage was untouchable.

BARACK OBAMA: This would lead to the unraveling of the employer based health care system. That I do not believe is the kind of modification that we require.

ANGLE: A reference to a proposal from Sen. John McCain in 2008 offering every American a $5,000 tax credit instead of tax-free insurance only for those who get coverage at work. Sen. Obama struck on the idea.

OBAMA: What he does not inform you is that he is going to tax your employer based wellnesshealthcare benefits for the very first time ever.

ANGLE: However now experts forecast Obamacare will really get rid of those strategies completely.

GOODMAN: He implicated John McCain of attempting to weaken company provided wellness insurance, and now we find that Obamacare is having the very effect that Obama warned versus. It may entirely wear down wellness insurance coveragemedical insurance supplied by employers.

ANGLE: So, after representing himself as the defender of employer supplied insurance coverage, forecasts say President Obamas policies will lead to its collapse, throwing some 150 million people into Obamacare rather of getting tax-free protection at work.