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Featured Advisor

Kim Butler

Partners for Prosperity, Inc.

City:Mt. Enterprise

State: TX

I have 20+ years of handling alternative investments in cash, growth and income for clients nationwide.  I strive to help my clients with all things financial in every way possible over the phone and the web.  I own an alpaca farm which I enjoy working during my downtime.  I also enjoy gardening, writing and reading books.  I also train other advisors on Prosperity Economics.

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Blog-Small Business (Mine) being crushed by Obamacare

| BY Catherine McBreen

 So where is the media now that Obamacare is getting ready to crush my small business?  In reality, it’s not going to hurt me as much as it will hurt some of my employees.  Why isn’t any of the media covering the fact that many small businesses are being forced to commit to by October 1 to existing insurance companies or be forced into Obamacare when the insurance exchanges are not even up and running?  There is no way to identify whether or not my employees will receive a fair deal on the exchanges, but I can promise you they are not receiving a fair deal from the insurance companies.


For years everyone complained about the increasing cost of health care.  Each year the premiums would go up 8 to 10 percent.  Last year, for some odd reason, they didn’t increase.  But for 2014, my company’s share of the health care cost will increase by 47 percent.  (There goes any chance for year-end bonuses.) For some of my employees, their monthly premium (the amount they are paying out of their own pocket) is going to increase by more than 100 percent.


What no one really was prepared for was the fact that the new premiums are totally based on age.  While younger employees will not be experiencing as large of an increase as others, the premiums for the largest proportion of employees are outrageous. 


Example number one.  Male employee in really good health (runs marathons).  Mid 50’s.  Four children.  Monthly premium will go from $1200 to $2800.   Good luck paying for those college tuitions.


Example number two.  Male employee, mid fifties.   No children but spouse.  Premium will go from $1200 to $1900.


So much for pumping our excess cash back into the faltering economy.  There will be no excess cash.


The bigger problem is that no one really knows what will be available from the mystery exchanges and businesses are being forced to commit at an earlier time (pre-October)to maintain favorable (??) rates.  How does a business owner make the best choice for his or her employees?


The easy out as a small business owner is to say “screw it”.  Everyone can go on Obamacare.  But I don’t feel good about that decision.  What happened to “everyone can keep their existing doctor”?  In the area where I live, many doctors don’t accept Medicare patients.  I have to believe that in the not too distant future, many doctors will refuse “Obamacare” patients.  Maybe Sarah Palin and the “death panels” are not too far from the truth.


But the biggest question for me is “WHY DOESN’T’ ANYONE DISCUSS THIS ON THE NATIONAL NEWS????”            Am I the only small business owner stuck in this quandary?  Let us know your thoughts.