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Biz owner: 'This will be the first year that we are going to be reporting our employees' value on their health care on their W2s.'
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President Obama's reelection means obamacare will stand and now some small business owners trying to figure out just how much to health care law could cost them -- they can afford to provide for their employees.
There is the president and CEO of universal metals American posts he joins us from Bowling Green, Ohio.
Good -- sir and I know and you do not like the Obama care album and I'm curious.
What impact do you anticipate it will have -- your business.
-- -- good evening Tom.
I can tell you that our concerns.
Are etched the hidden factors that haven't been shown to us at this point but what we do know.
Is that at this point we know that this will be our first year there were going to be reporting.
Our employees value on their health care from their W two's.
Now we're being told by the government that that is just -- routine policy that they're asking for.
But I believe we all -- of the understanding that.
Once we start reporting those valuations that there's gonna be taxes levied on par on that valuation for the employee or employers.
That's a fear of the we have -- not sure where that how far that's gonna take us and how deep it's gonna cut into our operating cost.
One of the big things that we have as a problem as employers.
Medium and small size employers.
Is that in our upbringing over all the years you know -- employees that are been with me over twenty years and our focus has always been a terrific -- employees give -- a great place to work.
And they can depend on -- the problem we're facing is that I'm not sure if I'm going to be able to continue.
To offer him the kind of health care that they their families -- kids need.
And that's the fear that we're going forward to -- -- thirteen.
All the hidden agendas that have been held back on Obama health care we now feel we're gonna probably start to surface so we'll get a better understanding.
But the fear is is that if those costs continue to rise.
We aren't going to be able to provide our employees with the health care they need.
Nobility -- and the way we have for so many years.
And in addition those high rising cost well then for cystic really consider whether.
You maintain retract or grow your business going forward.
That I felt we have.
I finished two questions one is the if you reports of violence in the guide to health today health insurance for years 3000.
If report the value the fears some point on the role of the -- been determined that's income for the person so the person receiving that W two.
That value noticed on had to pay income tax on the 3000 is that what you mean as to the value on the W two.
To the -- my knowledge that's what I don't understand I'm not a help our expert but that's what I understand that.
As to have you done any indication whether your heart health care costs are gonna go up on what percentage forty employees for the next -- -- that.
I'm hearing from some business owners that they're -- -- they're getting information about what it's gonna happen their heart health care costs.
I asked him every year goes up a little bit -- any idea what's going up next year.
Well it's it's really funny you -- from as of Monday we got -- Renewal policy.
Quote and our insurance company has telling us we have a 30% increase for next year.
So right now we're -- reeling back from that in trying to figure out what we're gonna do for next year.
Not even considering whether Obama health care is gonna take us just health care in general is we saw an increase that we've never seen an increase this much in one year.
So.
You know the problem is is that you know our employees are paying more and more as we participate with us American our policies.
And down at some point I'm just not sure if -- -- going to be able to afford to move forward and as I understand what the Obama health care.
Is that you know at some point they're going to be.
Asked to move in this state managed or stayed exchange programs we don't know what the coverage is going to be -- the cost is that and then if the employee.
Who's you know he's never going to be expected to pay three or 46000.
Dollars a year in premiums.
And at that point then you know the person's gonna pay for that other people who are the taxes some is going to be -- -- in order to provide them health care.
-- -- Obama -- moving towards providing in national supplier of health care.
And no one knows what that nationals players going to be -- that's the unknown and that's the fear we are moving forward.
Bill thank you very much and I hope that does similar -- -- some answers those questions because I know a lot of small businesses as the small businesses even bigger businesses.
Thank you very much.
