employers with 50 or more full-time workers must provide health insurance for all their workers, paying at least 65% of the cost of a family policy or 85% of the cost of an individual plan. Moreover, the insurance must meet the federal government’s requirements in terms of what benefits are included, meaning that many businesses that offer insurance to their workers today will have to change to new, more expensive plans…In New York, the average employer contribution for employer-provided insurance plans, runs from $4,567 for an individual to $ 12,748 for a family. Many companies will likely choose to pay the penalty instead, which is still expensive — $2,000 per worker multiplied by the entire workforce, after subtracting the statutory exemption for the first 30 workers. For a 50-person company, then, the tax would be $40,000, or $2,000 times 20…Individuals and families who will be forced to buy their own insurance when companies drop their health insurance plans will be in for a shock. Even with subsidies, some families will end up paying nearly 10% of their gross income for health insurance.
If…your employer drops coverage, your options will be enrolling in Medicaid (if you’re eligible) or buying a government-approved health plan on your state health exchange. What’s an insurance exchange? It’s like a supermarket that only sells cereal. The exchange will sell only the government-designed plan. In most states, exchanges will be an 800 number, a Web site and a government office, like the DMV. People with household incomes up to $92,200 will be eligible for a subsidy.
All this fun takes place before the midterm elections.