Obamacare hard pill to swallow: execs

May 01, 2013 | 06:07 PM | Samuel Frizell

Tags  Affordable Care Act, Obamacare, H.O. Woltz, John Martin, Laurens Willard, American Wire Producers Association, Southwire, Mar-Mac Wire health insurance

NEW YORK — New parts of the Affordable Care Act (ACA) will come into full force in eight months, and while most steel companies are sticking with the health insurance plans they currently offer employees, they aren’t happy about what may come next.

Nearly a dozen executives of wire fabricating businesses told AMM that they are likely to continue offering their current health insurance plans in 2014, but they predict increasing costs and organizational headaches when the law requires businesses with more than 50 employees to offer health insurance next year.

"I think it’s a disaster," H.O. Woltz III, chairman, president and chief executive officer of Mount Airy, N.C.-based Insteel Industries Inc., told AMM. "Regulation, complication, mandates, bureaucracy—I’m convinced that it will drive costs up," he said. "(But) we have no plans to pay the fine and terminate (our) coverage."....

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