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Message
Target Dropping Health Ins for P/T Workers
Posted on 1/22/14 at 12:34 pm
Posted on 1/22/14 at 12:34 pm
[link=(www.bloomberg.com/news/2014-01-21/target-to-drop-health-insurance-for-part-time-workers.html)]SIAP[/link]
While the amount of part-timers on Target's health insurance isn't a lot (percentage-wise), it should set people to thinking how this is going to effect those workers and the economy in general.
For argument's sake let's say that the majority of the part-time workers are the "younger workers" the ACA needs signing up in order to balance the books. How many of these workers will get subsidies? How much of a subsidy will there be? Will it be enough to offset the money they saved by not purchasing health insurance through their employer? Will this extra cost (if it exists) be enough to make being on government subsidy (welfare, food stamps, etc) more economical for them?
Conversely, if they are subsidized enough so they don't see a fiscal impact then is the ACA really making enough money off of them to remain solvent?
The thing to be on the lookout for is when the biggest fishes in the pond of part-time employees (like WalMart and McDonald's) make their decision (they have just under a year since the employer mandate kicks in next year).
quote:
Target Corp. (TGT) will end health insurance for part-time employees in April, joining Trader Joe’s Co., Home Depot Inc. and other U.S. retailers that have scaled back benefits in response to changes from Obamacare.
About 10 percent of part-time employees, defined as those working fewer than 30 hours a week, use Target’s health plans now, according to a posting yesterday on the Minneapolis-based company’s website. Target is the second-largest U.S. discount retailer by sales and had about 361,000 total employees last fiscal year, according to data compiled by Bloomberg.
While the amount of part-timers on Target's health insurance isn't a lot (percentage-wise), it should set people to thinking how this is going to effect those workers and the economy in general.
For argument's sake let's say that the majority of the part-time workers are the "younger workers" the ACA needs signing up in order to balance the books. How many of these workers will get subsidies? How much of a subsidy will there be? Will it be enough to offset the money they saved by not purchasing health insurance through their employer? Will this extra cost (if it exists) be enough to make being on government subsidy (welfare, food stamps, etc) more economical for them?
Conversely, if they are subsidized enough so they don't see a fiscal impact then is the ACA really making enough money off of them to remain solvent?
The thing to be on the lookout for is when the biggest fishes in the pond of part-time employees (like WalMart and McDonald's) make their decision (they have just under a year since the employer mandate kicks in next year).
This post was edited on 1/22/14 at 12:38 pm
8
Posted on 1/22/14 at 12:39 pm to Bard
Shazzam! Who could have possibly seen that coming with Obamacare?
Posted on 1/22/14 at 12:42 pm to Bard
quote:If they're working part time at Target, they're gonna be eligible for some pretty big subsidies.
For argument's sake let's say that the majority of the part-time workers are the "younger workers" the ACA needs signing up in order to balance the books. How many of these workers will get subsidies? How much of a subsidy will there be?
Posted on 1/22/14 at 12:46 pm to Bard
Well, we'll just have to change the law again so Target cant do that.
Posted on 1/22/14 at 12:51 pm to Zed
quote:
If they're working part time at Target, they're gonna be eligible for some pretty big subsidies.
My thinking exactly. If it holds true, then employees like these signing up are going to be a larger drag on the system than if they didn't sign up at all.
Posted on 1/22/14 at 12:59 pm to Bard
quote:
For argument's sake let's say that the majority of the part-time workers are the "younger workers" the ACA needs signing up in order to balance the books. How many of these workers will get subsidies? How much of a subsidy will there be? Will it be enough to offset the money they saved by not purchasing health insurance through their employer? Will this extra cost (if it exists) be enough to make being on government subsidy (welfare, food stamps, etc) more economical for them?
I doubt the part time "younger" workers are the ones enrolling. Its the middle aged and older that would enroll. The young unless they have health problems tend to opt out if they can, which is the whole point of obamacare.
quote:
he thing to be on the lookout for is when the biggest fishes in the pond of part-time employees (like WalMart and McDonald's) make their decision (they have just under a year since the employer mandate kicks in next year).
Definitely agree that walmart could make waves but McD's health insurance is just atrocious and a key demand in the strikes is better health care. So I doubt that is that big of a deal when announced. Plus most of their employees dont' qualify for what anemic benefits they give.
But this is clearly bad news for obamacare.
Posted on 1/22/14 at 1:02 pm to Bard
It's about time that Target did something good for their workers by getting them off those "junk plans". 
Posted on 1/22/14 at 1:05 pm to Bard
Are they completely dropping them or are they giving them X dollars to go buy their own plans 
Posted on 1/22/14 at 1:06 pm to Lsut81
That is why we need Universal health Care, period.
Posted on 1/22/14 at 1:06 pm to JEAUXBLEAUX
quote:
That is why we need Universal health Care, period.
Right, so we can all be in the same shitty and inefficient system.
Posted on 1/22/14 at 1:09 pm to JEAUXBLEAUX
quote:
That is why we need Universal health Care, period.
Why, exactly?
Posted on 1/22/14 at 1:10 pm to HonoraryCoonass
quote:
Why, exactly?
So people and businesses can't make their own decisions.
Posted on 1/22/14 at 1:11 pm to JEAUXBLEAUX
quote:
That is why we need Universal health Care, period.
AND A DAMN PONY ... FOR EVERYONE! IT'S A RIGHT!
AND FREE GYM MEMBERSHIPS, TOO!
Posted on 1/22/14 at 1:20 pm to Zach
quote:
Shazzam! Who could have possibly seen that coming with Obamacare?
Did you hear about the traffic jam in Ft. Lee, N.J.?????? All the cool kids are talking about it!
Posted on 1/22/14 at 1:34 pm to Hawkeye95
quote:
Are they completely dropping them or are they giving them X dollars to go buy their own plans
Completely dropping them.
quote:
I doubt the part time "younger" workers are the ones enrolling. Its the middle aged and older that would enroll. The young unless they have health problems tend to opt out if they can, which is the whole point of obamacare.
The only way you can "opt out" of the ACA is if your employer is providing coverage that meets the ACA's standards or is better or you pay a fine*.
*The fine (currently) is 1% of your income or $95/year, whichever is greater. What this means is that unless you make $9,500 per year or less, you will be paying more than $95/year. When the IRS starts collecting this (Spring 2015), if someone's income was higher than projected, that person will have to pay the excess subsidies they received. And which economic levels will get the most subsidies? The poor.
What this means in a broader scope is that, just like other government programs people will be penalized for trying to make more money.
There's no upside here.
Posted on 1/22/14 at 1:35 pm to Bard
Anybody read this thread as Tiger Droppings health insurance?
Posted on 1/22/14 at 1:40 pm to Bard
quote:
Completely dropping them.
Well that sucks... I would expect the other retailers to follow suit over the next few months.
Didn't Home Depot or Lowes announce they were doing this late last year?
I think the number came down to 10k people losing it. Posted on 1/22/14 at 1:50 pm to Zed
quote:
If they're working part time at Target, they're gonna be eligible for some pretty big subsidies.
That would depend on if that is their only job/source of income.
Posted on 1/22/14 at 1:52 pm to navy
quote:
AND FREE GYM MEMBERSHIPS, TOO!
Can we throw in a hot mistress as well? Everyone should get a hot mistress? Oh and don't forget everyone should be a millionaire as well.
Posted on 1/22/14 at 2:08 pm to Zach
quote:
Shazzam! Who could have possibly seen that coming with Obamacare?
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