Nearly 75% of employers say the Affordable Care Act will negatively affect profits, according to a survey by Cherry Bekaert Benefits Consulting. Nearly 25% said they are considering eliminating employer-sponsored medical plans because of the law.
Is health insurance the next beating employees face? The Bush-Obama decade saw median household net worth decline 36%. Each President served five years of this disturbing period 2003-2013.
On September 10, 2009 I wrote:
While unstated as an objective, I believe reform sets the table for employers to shed that pesky health insurance benefit.The nearly 25% may do so sooner, but even an architect of health reform believes most employers will follow. This gives more credence to my earlier prediction. The great shedding looms, as opposed to the slow motion one over the last fifteen years.
Employees have been paying more of their insurance premium the last decade.
Will they soon shoulder an even greater portion? It's highly likely. It will be interesting to see if anyone tracks corporate ownership of firms dumping employer health insurance. Will private equity be a leader or laggard in further taking apart the average American?
Update 4-3-22: The average health insurance premium more than tripled for a family plan since PPACA passed in 2010. Cost curve bent but in the wrong direction. Concave went convex.
