As additional provisions of Obamacare go into effect, employers are addressing the impact that the law will have on their businesses. At every turn we see another negative consequence of Obamacare for both employers and employees.
Yesterday, the Wall Street Journal reported that in order to avoid penalties under Obamacare, some employers are now offering employee health care plans that lack the basic benefits which employees have previously enjoyed. Some of these benefits include such basics as hospital coverage, surgery, X-rays and prenatal care.
Employers seeking to avoid the $2,000 per worker penalty for failing to provide insurance are now being pitched these "bare-bones" policies by insurance brokers and benefit administrators. But employers who decide on these limited policies could still face a $3,000 fee for any employee who opts out and instead chooses a subsidized health exchange policy.
Last week, a report from the Energy and Commerce Committee cited 17 major insurance companies that said healthcare for young adults could increase by as much as 400 percent and employers should expect their costs to go up 50 to 100 percent.
These additional costs from premium increases and potential fines are not only making it harder for employers to make a profit and provide quality health coverage to their employees, but in many cases are also preventing them from hiring additional workers.
Former Speaker Nancy Pelosi famously said of Obamacare, "we have to pass the bill so that you can find out what is in it." We are not only finding out what is in it, but of the devastating effect it is having on our businesses, employees, and our economy.
Last week, I voted for H.R. 45 to fully repeal Obamacare. It is clear from all the evidence we have seen -- we cannot afford the consequences of this misguided law.