Do you think these companies will really fire a ton of people to cover the costs of the new health care law?
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You better believe it! The firings are just the beginning. However—look for the glimmers of hope – even in the gloom and doom you can find a way to make it work for you!
You will likely become self employed. If you are a winner at your company (or as Seth Godin calls them, a “Linchpin”) you will be a prime candidate to be a contractor or independent service provider to your “former” employer.
Be smart about it – and start planning now.
And you if you are NOT a linchpin (the key employee who gets it done ) then learn how to become one NOW.
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Where can one find a simple breakdown of cost increase for large companies as a result of new healthcare legislation?
you might google that very expression. I think most of the mandates aren’t going into effect until 2014, but at that time there are several penalties, etc for not having insurance, etc. So the way people do business/hire people/employ people and the way doctors, medical bills, and insurance works is going to change dramatically. There is a lot of opportunity there if work the system :)—Not to say we have to be happy about the changes, just that we don’t have to roll over and play dead either.
Kyle,
While the details are still being worked out (figured out) – the accountants in the country will get the burden of figuring this out. You can find their views on the impacts to companies and the impact to individuals at The National Association of Accountants. They have one particular PDF that tries to address a broad set of issues – it is called “Congress Completed Overhaul of Health Care Law; Makes Many Changes” Other places to see the details will be the IRS site – but not sure they have published anything yet. For watchdog groups you can find reports also – some of the more complete will be at The Heritage Foundation.
The real issue is the penalty they will have to pay for NOT providing health insurance to their employers. In MANY cases that penalty is less money then the cost of paying healthcare – significantly less. Therefore – you know what they will choose to do. According to the PDF – the PENALTY will be less than $200 per month per employee not covered -with the first 30 employees being exempt. Considering most employers are paying over $400 per month – they get a great benefit from dropping healthcare or firing the people.
I wish I’d seen this when it was posted 4 years ago! I wouldn’t have believed that it could happen to me back then, but it’s definitely relevant today. I’m now self-employed thanks to healthcare.
When you look back (eventually) you will be glad it happened. It is in such a mess now that everyone is scared – even docs. We can blame Obamacare if we like – but the system was set for disruption for some time.
I totally agree. Where I am now is significantly better than where I was.
Looking forward to hearing you speak at PMI Nashville this month.