Also in this playlist...
This transcript is automatically generated
So you've just heard from traders on the floor all over these trading floors about the ramifications.
Of the High Court ruling on health care regarding stocks but what about.
The little or guy in American business clay McConnell helps run a family business.
Private -- in the United States he's joining us live from Shreveport Louisiana and -- great to have you here wanna begin first.
With the fact that we -- she -- because you crunch the numbers.
You're having a private business you got to figure out what it's going to cost you operate eleven facilities in Louisiana Texas.
And and let's break out the Texas numbers because you to a private public partnership in Louisiana but.
Purely from a private small business standpoint in the facilities you have in Texas.
Tell us what these numbers of insuring your employees will cost you.
-- lives right now we are currently are paying around 1000000 and 25000 dollars.
In the state of Texas for our employees there we have 396 employees but only about.
232 up from have opted to take the health insurance plan that we have -- so right now we're paying a million dollars in the state of Texas for health insurance for our employees.
And you crunch some numbers and you saw that the government penalty if you didn't cover your employees and we're not saying you're gonna do next you'll be decided right.
Would cost you 732000.
So you're looking clay Ed -- do the math at a savings of more than 200000 dollars so what are you going to do here.
-- lives but make no mistake my grandfather used to say take care the pennies and the dollars and take care of themselves.
That's what we crunch the numbers we have to know how this is gonna impact us is a small family business.
But the reason we crunch the numbers the reason we want to know how much is gonna cost -- because we want to take care of our employees.
So I don't want our employees to be worried about losing their health care.
We are not planning -- However if our competitors.
Start paying a fine and saving between 250 and 500000.
Dollars can make it pretty hard for us to stay competitive in the state of Texas -- -- you watch your competitors are hearing I know it's early but are you hearing what they may do.
I'm not -- -- all of our competitors understand Obama -- the way it's gonna be coming down so right now.
We're not here in anything but what about the new business that starts up next year that pays the fine.
And it starts -- -- with us it it's a concern that we have as a small family business.
We're trying to take care for people that's -- we have health insurance right now I want our.
-- -- because I spoke on the phone a lot with -- before this interview and and I can tell you really do care about your employees and this is an important and very tough issue for you to grapple with now looking at it simply from the standpoint of a business -- you've got your business administration degree from.
Louisiana Texas -- -- dummy here you look at this and -- -- this business that your grandfather founded.
So you're very passionate about it.
What can you do ten you continue to operate and offer insurance to every employee under this plan.
Well if we're gonna have to I mean what this plan does what obamacare does is it ensures that everybody's gonna have health insurance.
And they assume that because they're gonna have everyone under health insurance as you know the mandate was upheld today the individual mandate so -- -- -- assuming that their health insurance is gonna decrease in cost.
And that's what they're hoping for with the efficiencies -- they're gonna achieve that they're gonna decrease the health -- cost therefore.
Health -- it's gonna go down.
Obama -- been an impact since September.
23 2010 and since September 23 2010 our health insurance rates have gone up.
So we are continuing to offer health care insurance.
It's it's getting expensive it's getting expensive on how do you look at health insurance companies mean.
My dad was a surgeon and used to say these guys they'll charge you they're always there when they want your money in -- they don't cover certain things.
And then there's the other side of it -- -- do you look at them and say that these guys are part of the problem I mean you deal with some of these providers don't you.
Absolutely and I'll tell you this -- my wife.
She was diagnosed with breast cancer two years ago and so I got very intimate with our health care provider knowing what would -- would not be covered.
And -- I'll tell you this blue cross blue shield that they they've done a good job stepping up to the plate for for both our family business and for me in my wife personally.
-- you give us a great perspective on how it'll affect small businesses when you make your decision on whether you're gonna pay the penalty -- cover employees let us know we'll have you back on.
Appreciate your list clay McConnell let's -- corrections director of offender programming they run private prisons it's a family business he's a Smart guy is really grappling with this decision.
Filter by section