February 16, 2013
NOW SUPPOSE SHE WAS SOCKING MOST OF THAT AWAY FOR THE 50 YEARS SHE'LL BE HEALTHY:
The Health Benefits That Cut Your Pay (DAVID GOLDHILL, 2/16/13, NY Times)
Posted by Orrin Judd at February 16, 2013 6:37 PMNOT long ago, a 23-year-old woman joined my company as an assistant in the advertising sales department at a starting salary of $35,000. Smart, ambitious and poised, she should have a promising future. Unfortunately, her earnings prospects are threatened. Like many Americans, she's unaware of how much of her compensation is being eaten up by health care costs, and how much this share will grow as long as the increase in health costs exceeds growth in gross domestic product. That's just math.The Affordable Care Act does require employers, beginning this year, to note on W-2's how much both the employee and the employer contributed to health care costs. Maybe that will help diminish the ignorance regarding true health care costs. But even with greater awareness, many Americans still might not understand that the largest effect of the cost of our health care system is to reduce the amount of money they actually take home.I have estimated that our 23-year-old employee will bear at least $1.8 million in health care costs over her lifetime.