Free Markets, Free People

3M


“You can keep your plan…”

…for as long as your health care plan exists, anyway. Which, for retirees of the 3M corporation, it no longer will. It seems that the passage of Obamacare has prompted 3M to join the rush for the door in terms of providing health care coverage.

As we’ve noted repeatedly here, the claims that you could keep your health care plan and physician could not possibly be true, as the “reform” package set up perverse incentives. What we are seeing is precisely what we predicted. Corporations and insurers are responding to Obamacare’s  incentives by getting out of the health insurance business. Because that’s what the law’s incentives urge them to do.

It really is one of the most basic principles of economics: people respond to incentives.

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