Obamacare Offers Incentive to Quit Your Job as Taxpayers Cover Costs
Colorado school teacher Karen Willmus is excited because Obamacare will allow her to quit her job and form a start-up with her daughter, while American taxpayers underwrite the subsides she will be receiving. "I can't afford to go out and buy insurance while trying to start a business," said Willmus, of Colorado Springs, CO. "Obamacare will allow me to be more comfortable at risking what I own."
According to the Congressional Budget Office, millions of workers over the next decade will be leaving the labor force or reducing their hours, allowing them to receive Medicaid and government subsides. The overall effect on the economy, according to the CBO, is a total loss of about 2.5 million workers.
Like Karen, Edward Perri plans to use the new Obamacare law to quit his job. Ed’s got a bad back and bum knee, but now he can quit his job and still keep his insurance. The 57-year old chose early retirement because Obamacare allows him to only pay $50 per month after receiving subsides.
If the new healthcare law didn't exist, he would have had to buy a COBRA plan. The temporary plan would have cost him about $500 per month until he turns 65, when he would then qualify for Medicare. Ed’s not planning on wasting the $450 per month savings from lower insurance costs. The extra money is going to buy groceries, help him fix his car, and fund his vacation with his girlfriend. "That is money I spend in the local economy, creating and saving jobs," he said.
Craig Mason, a 59-year old defense contractor engineer, is not retiring for now but plans to leave his employer earlier than he might otherwise have been able. Because of Obamacare, Craig has an opportunity to venture in a new direction. The engineer wants to concentrate on his passion for repairing and building guitars. Moreover, he wants to spend more time with his grandchildren. "I want to try something different," said Mason, "I don't want to be tied to a large corporation. The Affordable Care Act may be just the vehicle to bridge the gap until I'm eligible for Medicare."