Politics

McDonald’s may drop health insurance

Vince Coglianese Contributor

NEW YORK (Reuters) – McDonald’s Corp may cut health insurance for its nearly 30,000 hourly workers unless U.S. regulators waive a requirement of new health care legislation championed by President Barack Obama, The Wall Street Journal reported.

The restaurant chain is at odds over the new law’s stipulation that so-called “mini-med” insurance plans spend at least 80 percent of premium revenue on medical care, the newspaper said on its website on Wednesday.

McDonald’s told federal regulators it would be “economically prohibitive” for its insurance carrier to continue to cover hourly workers unless it receives a waiver to the 80 percent minimum requirement, the Journal reported, citing a company memo. Federal officials say there is no guarantee a waiver will be granted, it said.

Full Story: McDonald’s May Drop Health Insurance: Report – ABC News