April 23, 2010

Today’s Health Care Consequences: Lost Jobs, Higher Taxes, & Higher Premiums

“A New Law That Cuts Banks Out Of The Federal Student Loan Business Is Costing 2,500 Workers At Sallie Mae Their Jobs. The nation's largest student lender has told 1,200 staffers in service centers in Killeen, Texas, and Panama City, Fla., they will lose their jobs by year-end. The remaining cuts will follow in 2011, resulting in nearly a third of the company's total work force of 8,000 losing their jobs.” (“Sallie Mae Job CUTS: 2,500 Jobs Slashed After New Student Loan Law,” AP, 4/22/10)

“Nearly 4 Million Americans - The Vast Majority Of Them Middle Class - Will Have To Pay The New Penalty For Not Getting Health Insurance When President Barack Obama's Health Care Overhaul Law Kicks In, according to congressional estimates released Thursday. The penalties will average a little more than $1,000 apiece in 2016, the Congressional Budget Office said in a report. Most of the people paying the fine will be middle class.” (“Nearly 4M To Pay Health Insurance Penalty By 2016,” AP, 4/22/10)

“New York’s Insurance System Has Been A Working Laboratory For The Core Provision Of The New Federal Health Care Law … Premiums For Individual And Small Group Policies Have Risen So High That State Officials And Patients’ Advocates Say That New York’s Extensive Insurance Safety Net … Is Falling Apart.” “New York’s insurance system has been a working laboratory for the core provision of the new federal health care law — insurance even for those who are already sick and facing huge medical bills — and an expensive lesson in unplanned consequences. Premiums for individual and small group policies have risen so high that state officials and patients’ advocates say that New York’s extensive insurance safety net for people like Ms. Welles is falling apart.” (“New York Offers Costly Lessons On Insurance,” The New York Times, 4/18/10)
“Meanwhile, [Oklahoma Insurance Commissioner Kim] Holland Said She Doesn’t See A Reduction In Insurance Rates. ‘If Anything, They’re Going To Go Up.’” (“Health Care’s Reform Gets Mixed Reactions In Oklahoma,” The Oklahoman, 4/18/10)

Tags: Government Health Care, consequences, lost jobs, higher taxes, higher premiums

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