Thursday, December 24, 2009

Harry Reid's Christmas Present

The U.S. Senate passed health reform by a vote of 60-39. For-Profiteers haven't had this good a Christmas since President George W. Bush approved The Carlyle Group's buyout of nursing home chain ManorCare on December 22, 2007. Senate Majority Leader Harry Reid said his work isn't done.

"This morning is not the end of the process. It's only the beginning."

Of course it’s only the beginning. Now Uncle Sam can pull a Tricare or act like your employer by reneging on promises made. How much more will individuals pay in 2014 than promised? Will it be in greater premium sharing or in lower benefits? Maybe a combination of both?

Employers badly wish to shed that pesky health insurance benefit. Workers are dropping from the rolls by the millions, 26.3 million between fall 2008 & 2010. This is before the bill’s main provisions are implemented. Reform projections show another 17 million losing employer coverage from 2014 to 2019.

The process is nowhere near ending. A tapped out Uncle Sam has a history of reneging on its military health promises. I expect it to continue shafting individuals, while watching corporate backs. I bet the Carlyle Group is watching to see if the new long term care insurance provisions hold.

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