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With the lie of “If you like your plan, you can keep it” still fresh in America’s memory, it seems President Obama might be facing a similar broken promise about another part of his namesake law.
Analysts predict Obamacare will end the majority of employer provided insurance in the U.S., according to Fox News, sending an estimated 150 million people into the Obamacare exchanges.
Wall Street research firm S&P Capital IQ recently predicted that 90 percent of employer plans will disappear, in direct contrast to campaign promises made by Obama about healthcare.
“This would lead to the unraveling of the employer based health care system. That I don’t think is the kind of change that we need,” Obama said on the campaign trail in 2008.
Employer provided plans will likely disappear because they are basically incentivized by Obamacare to do so. The penalty for not offering insurance — $2,000 per worker — is much less than the cost of providing corporate plans. This will really impact low-income workers.
“For a worker making only $15 an hour, typical employer coverage for a family costs $15,000 or $16,000. That’s more than half of that worker’s annual wage,” John Goodman of the National Center for Policy Analysis told Fox. “…He accused John McCain of trying to undermine employer provided health insurance, and now we find that Obamacare is having the very impact that Obama warned against. It may completely erode health insurance provided by employers.”
Watch the full report below via Real Clear Politics:
