Boeing, Boeing, Gone?

Aircraft manufacturer Boeing announced Obamacare has caused them to cut benefits and increase premium contributions. While Obamacrap is not the only reason, it was given at least partial credit. According to the folks at ABC News:

Boeing said deductibles and copayments are going up significantly for some 90,000 nonunion workers.

The company cited three major reasons for the cost shift, including untamed health care inflation, the effects of the new law, and lifestyle issues including being overweight and lack of exercise.

Spokeswoman Karen Forte said Boeing is concerned that its relatively generous plan will get hit with a new tax under the law in 2018, but that the company would have made the changes anyway.

So much for "if you like the plan you have you can keep it."

Not happening.

Constitution State Rate Spike

Once again, HHS Secretary Shecantbeserious has proven herself to be quite fangless in her efforts to cajole insurers into artificially suppressing rates:

"[Connecticut]'s largest insurer has been approved to raise health premium rates by 41 percent to 47 percent for some of its policies sold to individual buyers..."

The good news is that the bulk of Anthem's business in the state will experience only a "modest" 19% increase.

Oh frabjous day!

In utter disregard of the Federales, the carrier had the temerity to claim that the "reason for the increases is the new federal health reform mandates." [emphasis added]

Oh wait, did I say "the carrier?"

I meant "the Connecticut Department of Insurance."

I wonder if Ms Shecantbeserious will now threaten them.

More from the "Real World" files

A very nice young lady called the other day, looking for individual health insurance. She's a student at a local university, on her own at the tender age of 18. Her mother has moved out of state, and for a number of reasons, Karen [ed: not her real name] can't be on mom's plan. She is eligible for the university's health plan, but is (understandably) not enthused. She'd really like to have a real plan.

But she can't.

No, she's not ill, nor is she pregnant. But she is 18, and therefore ineligible for an individual medical plan. She's one of the (unintended?) victims of ObamaCare©, which has essentially destroyed the individual market for young adults.

Too bad we had to pass it to see how Karen would be hurt by it.

Ch-Ch-Changes, ObamaCare© style

As we move further out from September 23rd, the state of the individual health insurance market continues to crystallize. Here's what we know as of this morning (October 18, 2010).

Plans that have "grandfathered" status are subject to some (but not all) ObamaCare© provisions. Of course, it's likely that these plans will quickly lose this vaunted status as insureds make changes to keep their plans affordable. These changes comprise:

■ Expanded Dependent Coverage
■ No Lifetime Limits
■ New Patient Protections
■ New Limitations on Rescission

Newly-written plans, and those which have already lost their grandfathered status, "enjoy" these benefits:

■ Expanded Dependent Coverage
■ No Annual Dollar or Lifetime Limits
■ Expanded Preventive Care
■ No Pre-existing Condition Waiting Period for Children under 19
■ New Patient Protections
■ New Limitations on Rescission

Interestingly, some ostensibly grandfathered plans will also be subject to these provisions, as well; it's not at all clear what benefit their grandfathered status still confers on them.

In related news, Anthem (and perhaps some others) will be offering an "Open Enrollment" period during November. Only two "classes" of insureds are eligible:

■ Adult Dependents (from age 19 to age 28) who are not currently enrolled on a member's policy or who were previously canceled from a member's policy due to age, student or marital status are eligible for enrollment. The member's policy to which the adult dependent will be added must have an effective date prior to September 23, 2010 [ed: in other words, must be grandfathered].

■ A covered family member who previously reached his or her lifetime maximum can enroll for benefits on a member's existing policy during this special period.

We're still awaiting word on how much lower premiums will be due to these enhancements.

[Hat Tip: Anthem BCBS]

About that Individual Mandate (Video)

As we've long noted, the Individual Mandate is evil. The folks at Amendment63 show us why:



[Hat Tip: RWN]

Obamacare© and Your W-2: An Update

From reliable sources:

It appears that the requirement to report -- set to begin next year (2011) -- is voluntary only for that year. It's anticipated that the IRS will provide more guidance in the future, including clarity for 2012 W-2s. It's also anticipated that it will rain unicorns.

What this (probably) means:

■ If an employee leaves in, say, March 2011, the employer doesn't have to provide the info, but may still choose to do so.

■ When employers (or their payroll services) send out that mass of W-2s in January 2012 (for tax year 2011), this info will still be optional.

■ On the other hand, if an employee leaves in, say, April 2012, the employer does have to provide the info within a few weeks (unless, of course, the IRS pulls an Emily Litella).

■ When employers send out that mass of W-2s in January 2013 (for tax year 2012), this info is no longer optional, (unless - you guessed it - the IRS pulls another Emily L).

Hey, we're here to help clear things up.

Cavalcade of Risk #116: Call for Submissions

Julie Ferguson hosts next week's Cavalcade of Risk. Submissions are due this Monday (the 18th). Please remember to include:

■ Your blog's url
■ Your post's url
■ The post's trackback URL (if available)
■ A (brief) summary of the post

And PLEASE remember: ONLY posts that relate to risk (not personal finance tips and the like).

You can submit your post via Blog Carnival or email.