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Caterpillar: Health care bill would cost it $100M

Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House of Representatives would increase the company's health-care costs by more than $100 million in the first year alone.


In a letter Thursday to House Speaker Nancy Pelosi (D-Calif.) and House Republican Leader John Boehner of Ohio, Caterpillar urged lawmakers to vote against the plan "because of the substantial cost burdens it would place on our shareholders, employees and retirees." Caterpillar, the world's largest construction machinery manufacturer by sales, said it's particularly opposed to provisions in the bill that would expand Medicare taxes and mandate insurance coverage. The legislation would require nearly all companies to provide health insurance for their employees or face large fines.


The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

"We can ill-afford cost increases that place us at a disadvantage versus our global competitors," said the letter signed by Gregory Folley, vice president and chief human resources officer of Caterpillar. "We are disappointed that efforts at reform have not addressed the cost concerns we've raised throughout the year."


Business executives have long complained that the options offered for covering 32 million uninsured Americans would result in higher insurance costs for those employers that already provide coverage. Opponents have stepped up their attacks in recent days as the House moves closer toward a vote on the Senate version of the health-care legislation.


A letter Thursday to President Barack Obama and members of Congress signed by more than 130 economists predicted the legislation would discourage companies from hiring more workers and would cause reduced hours and wages for those already employed.


Full article at: http://www.chicagobreakingbusiness.com/2010/03/caterpillar-health-care-bill-would-cost-it-100m.html

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The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program.

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And as bad as this will probably sound.... if I found out I had some disease that was going to bankrupt me to treat...I wouldn't spend the money to do so. If my insurance premiums are more than I can afford. I won't have insurance. What's the worst that could happen?

• Curtailing any plans for new hires and/or any growth which would make any company I own exceed the 50 employee threshold; hoping to get the one that does below that number prior to this program being implemented.
  
  
• Doing a bit of math; calculating once my currently contracted health care provider lets me know the cost for the new "government required benefits" program will cost, then determining whether the $2000 - $3000 fine per employee is less expensive than the health coverage cost which I current cover 100%.
  
  
• Announced to department managers that I will not be replacing any employees who quit or are terminated.
  
  
• Need to find another Doctor for my parents since the one they currently use, earned through 30 years employment with GM and the School system; announced to us last visit that he and 4 other doctor members of his practice plan on retiring in lieu of having their compensation set by the government, and payments delayed further than they currently are for their Medicare clients.
  
  
• Purchased stock in health insurance companies, drug companies, and health care providers; especially the 'emergency treatment' centers which, based upon the results in MA, will see a boom in business when people have access to 'free' medical services.
  
  
• On a purchase plan with my local broker to purchase 1 ounce of gold per pay period. Although that's not new. (I've been doing that since November 2008.)

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ORIGINAL: willbeurdaddy
. I will pursue tax shelters far more vigorously than I have, and probably stay neutral or reduce my taxes. When I am able to I will move to a no income tax state.

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ORIGINAL: Musicmystery

So with these terrible changes you see---what are you going to do differently, specifically, to readjust your approaches to protect your interests and security? For example, are you retraining to get out of the health care industry? Saving thousands annually to create your own health "insurance"? Investing in hard assets in preparation for a fallen economy? Creating new businesses likely to hold up well even in tough times? And not just short term (cost cutting)--what about the long haul?

Talk is one thing. What are you doing about these changes?

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Oh the horror that you will have to talk with someone like me...

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looks like instead of creating an insurance CAP first, in this new plan, that there are going to be some cockroaches crawling out from behind their toilets.

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ORIGINAL: came4U

OK, maybe I am missing something but....don't your employers offer health insurance packages? or am I ahead in the game here??

In Canada, it is MANDITORY that you accept either the company's (at a discount) recommended insuarance corporation (they come in and do their lil talk/speel..with new employees) or you PROVE (by showing an insurance card--benefits) with another company.

I guess if you don't, you are canned...because you cannot BOTH have a decent job PLUS accept govt. subsidized health care.

Uhhg the whole situation (this bill) is confusing me soooo badly.

I hope to God they have it veryyy clear in writing so that this all goes as smoothly as possible. Sounds like a huge headache of them making shit up as they go along.

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ORIGINAL: Sanity

One prediction, plucked straight out of the headlines -
Caterpillar: Health care bill would cost it $100M