Caterpillar of Peoria, Illinois has said the new health care reform bill will cost them over $100 million per year, once it is implemented. General Motors, back in 2005, said that the cost to ensure their employees added $1500 to every vehicle. In 2005, they spend $5.2 Million on health insurance.
With the new law that goes into effect, corporations will be required to pay 85% of their employee’s health insurance costs, and 75% of their families health insurance costs, or be fined.
Caterpillar has floated the idea of dropping health insurance and pay the fine, it would save them millions of dollars. The other option and this is my thought and not the opinion of the caterpillar is to reduce your workforce and build your equipment in some other country. Yes, we could support another countries economy in the process.
I purchased Paul Zane Pilzer’s book back in I think 2005 “The New Health Insurance solution”, on the first page he recommended that everyone purchase an individual policy rather than a group policy. The reason was it is SAFER, you do not lose your insurance if you lose your job. He goes on to say that losing job-related insurance is how ONE MILLION AMERICANS every year end up in Medical Bankruptcy.
This was in 2005, now is the BEST TIME to purchase your individual health insurance plan. Until 2014, you still need to medically qualify, but do it now. You will see companies dropping their group health insurance in 2014. It makes economic sense to do so. Also, when companies started to provide health insurance, it was a hiring benefit, to make their company more attractive to a prospective employee. Now with the costs of health insurance, the new rate structure that is in place, and the economy, many companies, will not be able to afford to pay for insurance.
Thanks for reading…
Eric Wilson is the President of I Sell Health, Inc. A Chicago area company. He services clients in Illinois, Ohio, Indiana, and Wisconsin. He can be reached toll free at 888-448-5370. You can email him at firstname.lastname@example.org or visit online at www.isellhealth.net