Will the health care reform plan announced yesterday by President Obama cure what ails desperate employers swamped by rising health insurance premiums?
Measured in terms of its potential to reduce the cost of health care and health insurance, I just don't see how it succeeds.
The White House estimates that the cost just to administer the bill would be $1 billion. Add to that a host of new assessments that will be passed on to consumers and employers in the form of higher premiums - a $67 billion assessment on health insurers, a $20 billion assessment on medical device manufacturers and a $33 billion assessment on pharmaceutical companies - and prices are unlikely to be lowered any time soon.
The President also proposes a new $2,000 per employee assessment on large employers (50 plus) whose employees do not have coverage (exempting the first 30 workers from the tax). And he affirms his support for taxing high-cost health insurance plans beginning in 2018, a provision that is sure to hit Massachusetts hard since residents here pay some of the highest costs for health insurance in the nation.
Are you afraid of what your premiums will look like in a few years yet?