Health Care Bill Hits Companies In Wallet
by Big Dog on Mar 27, 2010 at 09:48 Political
Well, it has started. Major companies are already adding up the mounting costs of the health care takeover law recently signed by Obama:
AT&T Inc. will book $1 billion in first-quarter costs related to the health-care law signed this week by President Barack Obama, the most of any U.S. company so far.
~snip~
AT&T, the biggest U.S. phone company, joins Caterpillar Inc., AK Steel Holding Corp. and 3M Co. in recording non-cash expenses against earnings as a result of the law. Health-care costs may shave as much as $14 billion from U.S. corporate profits, according to an estimate by benefits consulting firm Towers Watson. AT&T employed about 281,000 people as of the end of January.
~snip
AT&T previously received a tax-free benefit from the government to subsidize health-care costs for retirees, who would otherwise be on a Medicare Part D plan. Under the new bill, AT&T will no longer be able to deduct that subsidy.
“As a result of this legislation, including the additional tax burden, AT&T will be evaluating prospective changes to the active and retiree health-care benefits offered by the company,” the carrier said in the filing. Business Week
The health care takeover is costing businesses and their stockholders a lot of money. Businesses will have to make adjustments that will include removing retirees from subsidized plans and putting them on Medicare plans as well as downsizing the number of employees.
This will not be good for the economy.
The takeover is not about health and not about care. It is about control and about Socialism as pointed out by the NYT and other liberal sources.
We are watching the destruction of America.
Yep, this was a historic piece of legislation. Obama and his progressives will go down in history as the group that destroyed our way of life.
Never surrender, never submit.
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Tags: at&t, caterpillar, health care, lies, Obama
Fri an email was sent to all employee’s where I work stating there would be a 40% increase each employee will pay because our insurance is above what The dumb ass in charge has set as the standard.It is already hitting companies and employee’s. The company also sent out retirement packages to rid the company of an additional 2000 +/- people.
What company – you need to spread the word – so more kn ow what is happening
every company is trying to get their increases in under the wire- this could have been easily seen, but since the insurance cos. only have a profit margin of 2.6% after all else, they are trying to stay afloat, and thus can and will pass on any costs they are able to.
These costs need to be laid at Owebama’s feet- if not for this FUBARCARE, the increases might have been less- but then you have to have everyone on board, willing to risk some skin in the game, and that would include unions- and THEY will never play ball, because they do not care about the country and whether it fails, as long as they get their money, honey.
Wow, I never new that, thanks.
Benefits medicare? I wish people with opinions on this matter actually work in healthcare or bother to pick up a newspaper. It will close the donut hole because the government will dictate what scripts you can get(generics only). The government is going to control cost of expanding medicare to cover another million or so people by decreasing medicare reimbursements. DO YOU NOT READ THE PAPERS?? A MAYO CLINIC has stopped seeing medicare patients because it is losing MILLIONS of DOLLARS a year because of poor reimbursements. Yet, the government is going to cut them again? I will be seeing the medicare patients in the charity hospital because doctors are going to decline to see them. Hey, but don’t worry, you will still have your card.