Richardcyoung.com

The Online Home of Author and Investor, Dick Young

Killing Small Business Employment and Earnings the Obamacare Way

By

Obamacare is a train-wreck already as small businesses see huge cost spikes ahead. Here are three examples, as reported by The Wall Street Journal:

Mr. Laine, 52, a University of California Los Angeles graduate with three children, says he spoke to his insurance broker in December and was told that when he renews his company’s health plan for 2014, his premiums could go up by anywhere from 15% to 60%—regardless of whether more employees choose to be covered by his firm.

“The message is, ‘We really don’t know; we have no way to predict for you what it will cost in any reasonable way,’ ” he says.

On the other hand, his firm could drop insurance, and face $94,000 in penalties. But the decision is a lot more complicated than which option is cheaper. Insurance benefits are tax-free, and a lot of firms don’t want to risk losing workers to competitors—or getting bad publicity for ditching coverage.

The following two tabs change content below.

E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.