CKE Restaurants CEO Andy Puzder explains the “slow motion implosion” of ♡bamaCare!!!:
One problem is that nearly half of the 10.5 million uninsured people eligible for ObamaCare are between the ages of 18 and 34—and young people tend to be healthy and unwilling to pay for pricey coverage they don’t need.
But propping up ObamaCare requires this group’s subsidizing the medical costs of the aging and ill. So far, no luck. It makes sense for healthy young people to pay a penalty rather than purchase the insurance. And in 2015 that’s what 6.6 million people did, according to the IRS. Next year the minimum penalty increases to $695 or 2.5% of income above $10,000, whichever is greater. In many cases, that’s still much cheaper than insurance.
At our company, CKE Restaurants, we offer eligible employees ObamaCare-compliant coverage. We used federal guidelines and set our employee monthly contribution for the least expensive Bronze plan at $1,116 a year, or about 25% of the annual premium. The company pays the rest, and the deductible is $5,500. But even when next year’s higher penalty kicks in—2.5% of income above $10,000—an employee would need to earn more than $50,000 a year for the penalty to exceed the premium.
Longtime Sharp VodkaPundit Readers™ have known for a long time — since before ♡bamaCare!!! was even signed into law — that young people would likely avoid signing up for exactly the reasons detailed here by Puzder.
It’s a sure thing the Administration knew it, too. And that Harry Reid and Nancy Pelosi were also clued in.
They knew it would go broke. It was designed to go broke.
♡bamaCare!!! was a money and power grab, the biggest in American history.