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WWL>Topics>>2-11 9:10am Tommy, healthcare

2-11 9:10am Tommy, healthcare

Feb 11, 2014|

Tommy talks healthcare and costs with Pat Taylor, the President of Benefit Planning Group

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Automatically Generated Transcript (may not be 100% accurate)

-- CEO. Tim Armstrong. Basically. Said that he was gonna cut the 401K. After. A couple of reborn being in pre born. When -- premature babies I think distress babies. Cost the insurance. Healthcare insurance plan. About a million dollars each. And basically was aiming at a -- forward somehow and Andy's. Two cases cost the the plan a lot of money easily can either increase the premiums cut the benefits sort. Do something with a 401K and the benefits and health insurance and talk about pat Taylor joins us right now. A friend in president the benefit planning group who will help. Try to sort out that muddied jumbled mess that I just gave it. And you know but it is Slobodan that -- explain to his first off if he can. How it is that health insurance works is that the way it always is that the people that don't use it as much. For the most part pay for the people that are really say it. Well I mean that worked with car insurance and life insurance not like in -- but homeowners insurance and flood insurance and so forth. You know the case with -- well I mean I think that that's just I think you -- a -- did the bad decision and obviously you realize that because you were first it. But you know basically health insurance. Way it works as people let you know money in a pool. And the insurance company takes money out -- apple to take place. And you know obviously the more people you have in the pool. The cheaper than the cost will be over time. Any you reverse it now but it ultimately -- has got to pay for this so woody he may come back out of -- the limelight and and cuts aren't and also raise something note. Moran or at least let the company's profits. Eat it but. At some point all of this has been paid for right and. Sure sure but that. Tommy all of those big companies like -- whale tale well and in General Motors and Ford Motor Co. that they'll all they all have self funded. Huge health insurance plans and typically does. Plans or read it within themselves like you know -- what what we viewed as an individual like companies -- use the company's been out here. Don't know that that -- of ensure that that makes that. Yep and when I'm wondering about is if AOL. Doesn't have that week notes self insured did you saint. So wanted. Would two million dollars be enough of the hit related cause either decrease in benefits or raise premiums. You know coming -- I think it was just the two million dollars when you look at the number of employees and -- well Nancy that they may have had. Those that two babies. The other tickets on the the children were born premature along with. Seventeen people that have cancer. You know than me that we get that we get very -- knowledge of the details when things like this come -- I guarantee wasn't just between you just because -- to -- And he said part of it is well was -- institute. The president's health care plan he doesn't have a problem with calling it obamacare so we will as well -- He says it was gonna cost companies seven point something million dollars I think to take care of everything that. It calls for it would cost the company that much and I know you've been. Man Apollo and -- and you're dead relates to your company from the very get go so. We do where how does it wind up costs in seven point something million for AOL or in general. Well what most people don't realize is that. With Obama care. Affordable Care Act. There are five new fees and taxes. That everybody have to pay for. Does that Pique or you feed it to transitional. -- insurance the health insurance in exchange -- and underneath and taxied. There -- all these fees that are tacked on to our premiums say that we didn't have last year. And on top of that. On the individual side keep in mind where the insurance companies and out covering people without medical questions so it's guaranteed issue. And pre existing conditions. Well that's what the conditions are covered maternity is covered. That you have ten to fifteen essential benefits that are covered as well by the way if you're over it even now it is up a colonoscopy test. Third there are a lot of things that are covered in this -- -- had to beat fateful. I really do appreciate the offer and I did decline on that one all they ever did you thank you so much. You know I mean like management to tell a story about that a doctor thome once ran pretty well known doctor that was having that procedure done any. Hanging upside down with a -- in the -- and so then came -- -- doctor blank Dylan. And ninety pounded on cement it would recognized in that way but that's not what you hear it's a bomb so this seven point one million. That's additional fees that -- I was talking about associated with a obamacare. Or it's because of the things they have to provide. For their employees now that's gonna cost them more. That may have been just their losses. For that year may have been in the losses plus the fees comedy they they weren't detailed enough with their information to really answer that be honest with -- -- -- -- when he comes to. The media other people have worked for a big company. -- we look forward not really forward that anticipate. Higher premiums as a result of that affordable ironically affordable healthcare act go and enter into becoming law. I'll say yes to that without any reservation whatsoever that would not whether or not you work for a large companies small company or your individual. Rates are going -- And they can either raise -- rates or keep the rate the same in the lower the benefits but again somehow it's going to be paid for. -- Dubbed the the thing that you know I was worried about them like two years before this actually became law was. And it is time magazine -- somebody wrote a piece that the inadvertent. Beyond intended consequence of this was that companies -- you get out of the insurance business. And -- casino at -- -- with -- this insurance is available now go get it somewhere else and do you still see that happening. We're party -- where are being inspecting its small group arena were seen employers say you know what I've got twenty employees I don't wanna be involved in health insurance anymore. Keep him I was twenty man group. A 120 -- Group. That group is rated -- hasn't had been -- -- graded on its own. Claims. So that they haven't -- -- at 1520%. That year and everybody's -- groups premiums are going to go up 1520%. So you know. Employers are now saying you know why should we be taken hit when the federal government's going to take so you know you guys that did the exchange -- pitcher you're subsidies then. Maybe you'll find another -- -- would be give you free dental or vision or -- in church or something like that. In terms of the economic seven I guess is it kind of an end run on -- those that can afford. -- their own health care but. I guess her around -- and then -- on taxing because it seems like gift. Everybody's going to be dumped all ultimately if that's a way economically it plays out there are strategically their bodies dumped in the same pool. The people with without insurance either get a subsidy for without pre existing condition or that can't afford it get a subsidy from the government to pay for it. It seems like when in all of that up and strip everything away that taxpayers are providing insurance for everybody. That's correct outplayed that we didn't Roland people's sense quite yet in October 1 -- with -- web site didn't work until Thanksgiving so we've been thoroughly since Thanksgiving. 80% of the premium dollars -- we have that we -- coming and our our subsidized. By the federal government. Net not to mention the cost sharing benefits that are involved in that is well. And our average age is probably about certain age fifty age fifty to 51. You know pat well I got you on an and you didn't call in for this but when it comes statistically the most money that spanned. Doesn't it -- wind up with elderly people that that have to have a lot of fun. Life sustaining measures taken -- sometimes there's not that much of an increasing quality of life. What Tommy you know and it. The average age is fifty stock. Call that elderly that means some elderly stories that scares. On and on yeah yeah. If you look at a chart of it I thought likes Antonin above those people that are used and most did it cost the health scares us the most the most innocent -- Yeah I know I did I do understand that and and I think all of that are somewhat fearful of what's going to happen now when we get into our. Our seventies and eighties I mean not -- you know people. Help bad -- or expecting my clients that are in their fifties and sixties today that it it it's overwhelming at times that their medical bills. And a reason I bring that up is that it seems and if every gonna straighten out this whole health care mess. You got to decide in and the example they give is if you brought somebody nouveau Roman the hospital and you said we keep vocal Fred alive but we keep Graham all lines. Are we can keep bomb that whomever alive your relatives that elderly and there's not really much of a quality life wouldn't do everything we can. And here sign this for us to do that his second mortgage on your house signed this -- you can pay Ford and of course you be paying this for about fifteen years to give an Agnes. And I'm not making fun of this an extra three or four weeks. And you would with Medicare pay in Florida I think a lot of times people say. Whatever it takes do what ever it takes and and I think that cost a lot of money and I think people would look at it differently if it was their money they were spending -- mean that you. You know this gets politicized in the death squads I think it just goes to. Cost benefit are we really AA the -- standing anybody's life. With any quality you LO flights at all and does that the F affect the decision at Stanley make members make some time. We think. -- You know -- update. That that would you even. I am because I think everybody feels differently about that we could feel about -- at one waited day and at all but that it's -- you know you know that that that they're you know not getting right to expire and or want to -- for a longer -- as long as possible and I think that you know maybe at that point change your mind again and them in I think that that that the typical pop. So how in the world would you. Fixes system or manage costs because any talk about doctors getting paid less and if they do. Would we see a substantial decrease in the amount doctors that happens I mean none of us be able to get here that we are now. Well I think number one in the first -- do is scratch obamacare start looper again in minutes instead of just attacking insurance companies. Why don't we look at tort reform drug companies doctors hospitals insurance companies and work at it. Work on the whole picture not just one element of it and try to change the whole system by fixing trying to fix one element. And then he went in and lets you know. You know what healthcare reform enrollment and -- march 31. We are wrong people every day it's complicated difficult we help you get to the process call 8333434. I'd silly if you don't enroll by march it did this -- letter trying to get in the health care exchanges. And if you don't do it by march. Maybe you don't do about march 31 the open ended the open enrollment period closes in on open again itself out sometimes and act. So even with. I only care if you don't enroll by march 2 beds he said you still don't have insurance until the next open enrollment period. -- that's correct and I'll say one other thing don't make the mistake of waiting until the final last few days of march. To -- because my. I believe it is is that the web site Democrats just like it has several times -- technical going to be down this week it terabyte needs to know. For three days. Starting from the fifties through the eighteen. And so. I think it's going to be -- regret I think towards the end of march to get it sooner or later. And in the next attacks here on the cut off visit. The how many employees you have to have -- the four year exempt from obamacare. Well he did -- just change the mandate you've got the fifty deny -- The mandate started on. I'm sorry you're -- -- start in 2014. Fifteen in 99 doesn't start until 2006 things that means you don't have to be comply with the -- of 2006. To thank you pat I appreciate you sounding --

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