Tuesday, April 28, 2009

Impact of Layoffs & Frozen 401k Matches

The worker is increasingly on their own as employers shed jobs and freeze or cut benefits. One clue as to the magnitude of firings in the first quarter is data from several large health insurers. The WSJ reported on the drops:

United Health Group lost 900,000 covered lives
WellPoint saw 500,000 customers drop coverage
Humana had 150,000 cease commercial coverage

Aetna, Cigna and HealthNet report soon. Their numbers will be indicative of more citizen pain.

Reform is coming, only it looks like the individual will bear a greater burden of health care coverage and retirement. Neither businesses of a "fiscal hawk" government wants to do more. That leaves the worker. Pay attention to details. So far, Obama's populist rhetoric contrasts with corporatist policy. For-profit health care should win big.

No comments: