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Four Lesser-Known Facts about ObamaCare

  1. The ACA does not reward healthy lifestyles.  For employers with fewer than 50 employees, the community rates mandated by the ACA are the same for everyone, regardless of health or lifestyle.  If you exercise, eat healthy, and watch your weight, you pay the same premium as a five foot six 400 pound employee who eats Cheetos all day.
  2. There is a fine for employees who do not have qualified coverage. In 2015, 4 million people elected to go without coverage and pay the fine. Data shows that employees who do not take coverage are younger and healthier than average, thus wrecking the actuarial assumptions that underpin the financial projections of ObamaCare, and increasing costs for those who pay for coverage.
  3. It’s been proven that people will elect to come on a Federal Exchange individual plan during open enrollment, have a needed surgery or treatment, and then terminate coverage.   Once this person needs more care, studies show they will then enroll at open enrollment again.  This cycle is NOT insurance, and has caused large losses at insurance companies participating in the federal exchanges.
  4. In 2020, insurance companies will be assessed a 40 percent excise tax on “Cadillac” health plans. These are plans with annual premiums exceeding $10,200 for individuals or $27,500 for families. Many of these plans are for people in high-risk pools, such as older workers or those with dangerous jobs. Most of the tax will be passed onto the companies and employees, raising premiums and deductibles.
In his career, Gregg has developed specialized expertise in “consumer-driven” and high deductible health plans with HSA and HRA strategies, and sold the first HSA plans issued in Virginia through Assurant Health. He is an expert in analyzing plan design data and has served as account executive for national accounts such as Coca-Cola Enterprises and Tenet HealthCare. Gregg utilizes a strategic approach to establish goals based on each client’s unique culture and competitive environment, and measuring results against jointly established criteria. Gregg Kennerly is a Principal at Advanced Benefit Strategies of Virginia, LLC.
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