April 1
Reform Efforts in the Making
The insurance industry has made some concessions and the chairmen of five legislative committees have come to a consesus on the basic issues of legislation, so it looks like health insurance reform is making its first major steps. Some of the major aspects of agreement include the idea that everyone should be required to carry insurance and that both employers and the government should work to make this possible. Employers should help pay for it, and the government should provide alternatives to the current private insurance to make health care both affordable and accessible to everyone, not just the young and healthy. Now comes the hard part, deciding how to pay for all of this. Many feel that the time for agreeing and being happy over the current baby steps is over, and now it’s time to argue and work out the tougher issues. Issues that could potentially stop the reform movement in its tracks. Do you think the money issues will be worked out so that all the potentially beneficial reform can come to pass? Or will the money issue be insurmountable?
The money issue is huge. As it is now benefits are already expensive for employers.
There is an idea on the table that the employees will be taxed for health benefits provided by an employer. Call a union office and ask if that is insurmountable. There will be a fight over this issue. There will also be additional taxes the like of which we have not seen or perhaps even contemplated to pay for it all.
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Employers (especially small ones) can’t afford the tax. I have always advocated increased usage of HSAs along with some tax incentives. It will work!