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sdholloway56
Senior Advisor

Thank heavens

that those 10M laid off workers will get to keep their employer provided health care....

......or in the worst case that the ACA exchanges are open for them.....

.....oh, wait.

 

9 Replies
Canuck_2
Senior Contributor

Re: Thank heavens

That is something I wondered about, if a person still had health insurance after they lost their job?

It would be a bad time to lose coverage and then end up in hospital with Covid-19 and not even a pay cheque to help pay for new insurance.

sdholloway56
Senior Advisor

Re: Thank heavens

Depends, obviously, but the longer it goes on the more certain it is.

Support for a universal single payer system* hits an all time high in a recent poll.

It is like unemployment- in a recession (which hit us in 2 weeks) even the majority of people who are still employed know someone, or a lot of them, who are unemployed. They get sorta nervous about it slow their spending, etc.

*Don't call it M4A or support drops 20 pts. Sort of like the branding miracle of calling it ObamaCare vs. ACA, where similar spreads  show up.

RJG640v8
Senior Contributor

Re: Thank heavens


@sdholloway56 wrote:

Depends, obviously, but the longer it goes on the more certain it is.

Support for a universal single payer system* hits an all time high in a recent poll.

It is like unemployment- in a recession (which hit us in 2 weeks) even the majority of people who are still employed know someone, or a lot of them, who are unemployed. They get sorta nervous about it slow their spending, etc.

*Don't call it M4A or support drops 20 pts. Sort of like the branding miracle of calling it ObamaCare vs. ACA, where similar spreads  show up.


employer would have to offer them COBRA.  Which means they can keep their insurance but they have to pay the bill, the whole bill. And, then there is a time limit on how long they can use COBRA.  If you can't go to work how you going to make money to pay for it.... In my case that would be roughly $3800 per month for them to keep it. Compared to when they are working and their co-pay is about $800 per month...  Glad we are deemed an essential business and can keep operating.  Insurance has been, continues to be, and seems will always be my biggest headache and costliest expense. Not to mention the deductibles and rules of who they can see , things it doesn't cover and so on and so forth...

bruce MN
Advisor

Re: Thank heavens

That probably should have gone under the thread that was asking for “good news”.

sdholloway56
Senior Advisor

Re: Thank heavens

A shared payment single payer system would be the best thing you could do for small business owners.

Depending on the market, the employee contribution is negotiable- or subsidized on low wage jobs.

Then it is two more lines on monthly withholding form. Period.

bruce MN
Advisor

Yo RJ

Saw this thread on the small Business issue. Seems that you are still up and running but you are the one person here that I can think of  who has mentioned having a considerable stable of employees:

https://mobile.twitter.com/joshtpm/status/1245735191789912083

 

 

sdholloway56
Senior Advisor

Re: Yo RJ

Although apparently it is a major CF at this moment- banks won't stick their necks out and underwrite the loans until a lot of things that are clarified that currently could leave them holding the bag.

A month isn't a big deal for firms with a line of credit to draw on but it forever for some that don't have it.

There will be some losses and some fraud- which I'm sure our unusual suspect will (not) be indignant about at some future date.

But speed is absolutely essential.

bruce MN
Advisor

Re: Yo RJ

Not to mention the window it is opening for fraud, and most particularly identity theft.

Good tip is to open absolutely no emails or answer any calls unless you are 150% positive you know who and would have been expecting them.

 

RJG640v8
Senior Contributor

Re: Yo RJ


@bruce MN wrote:

Saw this thread on the small Business issue. Seems that you are still up and running but you are the one person here that I can think of  who has mentioned having a considerable stable of employees:

https://mobile.twitter.com/joshtpm/status/1245735191789912083

 

 


I'm a tweener.......... to big to be a "Small Business" , and on the very very very very very very very... small end of being a "big business". I don't ever qualify for small biz programs , and I don't really have the resources to compete with the big boys, ie: Lobbying , political contributions ...  I just need to be really good at what I do , whenever possible I have to be a price maker and not a price taker , be incredibly frugal and not over leverage.  Utilization of risk management is a key. The final firewall is the cattle. If I had to I could liquidate them very quickly. Not at the price I would want but some money is better than no money.