When President Barack Obama campaigned for and signed health care reform earlier this year, one of his signature promises was "If you like your health care plan, you can keep your health care plan."
Unless, that is, your employer takes it away.
As companies crunch numbers on what the new law means for their bottom line, some have concluded they might be financially better off canceling their health care coverage and moving their workers to government-subsidized "exchanges" that will be created in four years.
In the case of Dallas-based AT&T Inc., the move could mean saving billions of dollars per year, according to internal documents that came to light this week.
The documents were part of a portfolio submitted to a House subcommittee looking into financial charges companies took in relation to another aspect of the new law.
The documents, obtained by Fortune magazine and posted online this week, reveal that four companies – AT&T, Verizon Communications Inc., Caterpillar Inc. and Deere & Co. – had investigated to varying degrees the impact of dropping health care coverage and pushing their workers onto the new exchanges, where they will be able to buy their own insurance.
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