Who Would Have Guessed? ObamaCare Train Wreck –Norsu/Twitter
(FOX News) Intl Business Machines Corp (IBM) plans to move about 110,000 retirees off its company sponsored health plan and instead give them a payment to buy coverage on an ObamaCare Exchange, a sign that even large, well capitalized employers are not likely to keep providing the once common benefits as medical costs continue to rise.
The move will affect all IBM employees once they become eligible for Medicare and will relieve the technology giant of the responsibility of managing retirement health-care benefits. IBM said the growing cost of care makes its current plan unsustainable without a large premium increase.
On the 31 May, I wrote here that ObamaCare in California is expected to increase individual market premiums by as much as 146%
Flashback: Remember when Obama claimed that health insurance premiums for a family would be $2500 lower by the end of his first term, they are actually about $3000 higher–a spread of about $5500 per family, thanks to the blizzard of new regulations and mandates that take effect next year.
More here from The Wall Street Journal
Related: ObamaCare Health Ins Premiums On the Rise in Ohio & Florida
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