goldlizard
Well-Known Member
- Joined
- Dec 14, 2012
- Messages
- 3,279
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Has anyone heard about Hobby Lobby closing due to Obama care? I heard this as a rumor from Facebook.
Ok, that makes sense. We just had one open here a couple months ago. I do agree politics and religion don't mix.
Has anyone heard about Hobby Lobby closing due to Obama care? I heard this as a rumor from Facebook.
Last time this came up ,it got locked down in the end.It was not a pleasent !
Paul T
Can't we all just get along and be tolerant of the outward differences we may have?...
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Business wise, it would make a lot more sense for Hobby Lobby to make all employees part time to avoid having to supply health insurance instead of paying fines or going out of business if the court rules against them eventually.
Well... They can't put anything on the internet that isn't true. That's a fact. I read it on the internet.
Can't we all just get along and be tolerant of the outward differences we may have? Rather than spending time and energy fighting and arguing why don't we sit down and all work together to find a compromise that is in the best interest of us as people.
Both sides of this discussion think that they have the moral high ground when in reality they all are only supporting their own agenda with NO REGARD to the best interest of the general population.
That is all I have to say on the subject.
I'm confused about the potential incurred costs claimed by Hobby Lobby in their suit. The maximum penalty that I can find for not offering the mandated insurance is $2000 per full-time employee which about $1 per hour per employee. HL claims to have 13,000 full-time employees so the math is pretty simple: 13,000 x $2,000 = $26,000,000 or $71,200 per day and not the $100 per day per employee fine that is claimed which would be $1,300,000 per day and $475,000,000 per year. That's a huge difference.
Bob
Dumping HL employees into the exchanges is probably a better deal for HL AND the employees. I am estimating that it costs HL about $10K per employee for health insurance. Now these are not highly compensated people, this might be approaching 30% of their income or more.
So HL dumps them into the exchanges and immediately saves $8K. ($10K - 2K penalty). HL splits that savings with the employees by increasing their pay an average of $4K. The ACA limits cost of health insurance to no more that 9% of a persons income via subsidy (you and me paying). So for a $40K year HL employee (most are probably paid well less), their out of pocket premium is no higher than $3600. But they are making $4K more so they net positive and HL nets WAY positive.
I'll stay completely away from the religious and political implications of this whole thing (with difficulty), but point out that increasing employee pay by $4k does not increase their take home pay by as much. Keep in mind that what employers currently pay into health care plans is not taxable (say, $10k per above discussion). If HL suddenly pockets $4k of this as additional profit, that's taxable. If the employee takes home an additional $4k, they have to pay taxes on that.
That's true, but I never turned down a raise because my taxes would go up. The employee does have the option of putting that extra $4K into a HSA and pay the premium with that if they opt for a high-deductible plan. Then all taxes on that extra $4K "Health Insurance bonus" is avoidable.
If my employer offered me an option of a $5,000 raise or keeping my health insurance I would almost certainly keep my health insurance. I doubt I could get a plan as good on my own. My employer offers both a regular health insurance plan and one with an HSA. The HSA only makes sense if you never see a doctor. If your routine medical expenses are over $2,000 a year the HSA is more expensive.
Check you W2, it shows how much your company paid for your insurance.
Under ACA you can buy a "Bronze Plan" which is would be similar to the high deductible plan except more preventive stuff is covered at 100%.
It will cost you no more than 9% of your income out of pocket.
How many people do you think would be willing to pay 9% of their income for health insurance? I expect a lot of folks would just do without at that price. 9% of my income would be just a few dollars more than my employer sponsored plan cost last year. I have no kids or spouse so my plan isn't as much as a family plan would cost. 9% of my income would put a huge crimp in my lifestyle.
That's true, but I never turned down a raise because my taxes would go up. The employee does have the option of putting that extra $4K into a HSA and pay the premium with that if they opt for a high-deductible plan..
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