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What happened to, "if you like your current coverage, you can keep it"?

The health care overhaul will cost U.S. companies billions and make them more likely to drop prescription drug coverage for retirees because of a change in how the government subsidizes those benefits.
Figuring out what it will mean for retirees will take longer, but analysts said as many as 2 million could lose the prescription drug coverage provided by their former employers, leaving them to enroll in Medicare’s program.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 8:24 AM on Mar. 27, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (31)
  • American industrial companies that are struggling to compete globally against companies with much lower labor costs are particularly likely to eventually drop retiree coverage, said Gene Imhoff, an accounting professor at the University of Michigan.


    Under the 2003 law, companies could deduct the entire amount they spent on the drug benefits from their taxable income — including the government subsidy, an average of $665 per retiree.


    The health care law signed by President Barack Obama on Tuesday prohibits companies from writing off the subsidies starting in 2011, meaning they will no longer be able to deduct them from their taxable income.

    grlygrlz2

    Answer by grlygrlz2 at 8:25 AM on Mar. 27, 2010

  • Until it happens to the ones who insist Obama has their best interests in mind, they'll never believe it! It won't be long before they crawl out from under their rocks, and start screaming "why didn't anyone stop this?!" :o)
    LoriKeet

    Answer by LoriKeet at 8:26 AM on Mar. 27, 2010

  • They have no intentions for us to keep private insurance, Obama finally admitted as much after the House passed the bill. It will put private insurance out of business- that is what they want to happen.
    HistoryMamaX3

    Answer by HistoryMamaX3 at 8:27 AM on Mar. 27, 2010

  • Consumers Energy, a Michigan gas and electric company with 2.9 million customers, said it will not take a big first-quarter charge because, like most utility companies, it can try to recover the added costs from its customers through rate hikes.

    grlygrlz2

    Answer by grlygrlz2 at 8:28 AM on Mar. 27, 2010

  • I agree with LoriKeet. They won't care until it hits them personally and even then only a few would admit as much. Most will just go the Martyr route and say that they aren't 'selfish' enough to 'hoard' their money. They learned how to 'share' when they were little.

    QuinnMae

    Answer by QuinnMae at 8:37 AM on Mar. 27, 2010

  • What do you think all of these supporters are going to say when all of this gets sifted through and revealed now that the bill has passed and, as Pelosi said, we get to see that is in the bill? I think people around the world will hear the collective, "OH NO, WAIT A MINUTE! I DIDN'T THINK IT WAS GOING TO MEAN THAT!!!!!!" We have no clue just how invasive and controlling this thing really is.

    jesse123456

    Answer by jesse123456 at 8:51 AM on Mar. 27, 2010

  • obama doesnt care about Americans. obama cares about money. he is probably sitting at home laughing at us. He is on a serious power trip and needs to be taught the government is supposed to work for the people, not against them.
    Alexsmom04

    Answer by Alexsmom04 at 9:22 AM on Mar. 27, 2010

  • OMG STFU already.
    sati769leigh

    Answer by sati769leigh at 9:28 AM on Mar. 27, 2010

  • Why do you think so many people were against this bill?  Why do you think all the politicians made sure they would be exempt?  The almighty Oblahblah does not have the best interests of the people in mind.  He's a control freak!  This is only the tip of the iceberg...we've got a lot more "surprises" in store for us.  His term can't be up fast enough as far as I'm concerned!  We need to fire the whole evil lot of them!  As a smart person on FB said, "The only polls that matter are the ones in November."

    Anonymous

    Answer by Anonymous at 9:45 AM on Mar. 27, 2010

  • Sati...I REALLY think you need to find a new place to play. You seem to not be able to full comprehend the point of this site and this area. I know there are some very liberal sites that will cater to ONLY agreeing with you and your ideal. Otherwise YOU are the one that needs to STFU.

    momof030404

    Answer by momof030404 at 10:06 AM on Mar. 27, 2010

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