The Obama administration rolled back certain healthcare reform legislation measures in a win for big business.
The administration loosened new rules for so-called “mini-med” insurance policies, which companies like McDonalds said threatened their profits.
The fast-food chain provides about 30,000 of its low-wage workers a $13.09 a week for a plan that tops out at $2,000 a year in benefit payments. The company said it would need to drop the program because it couldn’t meet new regulations set out in the Patient Protection and Affordable Care Act that required 80 to 85 percent of an insurance plan’s revenues to go towards medical payments. McDonalds claimed that the high administrative costs of the plan prevented it from meeting the new payment ratio.
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Some Democrats wanted to due away with such plans because of their limited coverage.
HHS said rolling back the regulations would allow employees of companies like McDonalds to keep the coverage they have and expects the bare-bones “mini-med” plans to effectively disappear by 2014, as lower-wage earners qualify for insurance tax credits.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
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