Wow, hey, whaddya know? Starting in 2014, your employer (and, by extension, you) will begin paying a fresh new $63 annual ObamaCare fee, to cover the extra cost of insuring other people’s pre-existing conditions. The Associated Press describes how this little “unexpected expense” popped out of recently unearthed regulations:
The charge, buried in a recent regulation, works out to tens of millions of dollars for the largest companies, employers say. Most of that is likely to be passed on to workers.
Employee benefits lawyer Chantel Sheaks calls it a “sleeper issue” with significant financial consequences, particularly for large employers.
“Especially at a time when we are facing economic uncertainty, [companies will] be hit with a multimillion-dollar assessment without getting anything back for it,” said Mr. Sheaks, a principal at Buck Consultants, a Xerox subsidiary.
Based on figures provided in the regulation, employer and individual health plans covering an estimated 190 million Americans could owe the per-person fee.
The Obama administration says it is a temporary assessment levied for three years starting in 2014, designed to raise $25 billion. It starts at $63 and then declines.
Most of the money will go into a fund administered by the Health and Human Services Department. It will be used to cushion health i
nsurance companies from the initial hard-to-predict costs of covering uninsured people with medical problems. Under the law, insurers will be forbidden from turning away the sick as of Jan. 1, 2014.
A small price to pay for the Big Government takeover of health insurance, run by the same people who lost a couple thousand guns across the Mexican border, spent a few million dollars a pop creating “green jobs,” and couldn’t manage to keep White House tours running when faced with a 2 percent deceleration in spending!