The Wall Street Journal reports 3M will stop offering health insurance to its retirees in 2013 because of ObamaCare.
In a memo to its employees, 3M said, "As you know, the recently enacted health care reform law has fundamentally changed the health care insurance market."
3M is the latest company to announce that ObamaCare has forced it to drop the health insurance plans. Last week, Harvard Pilgrim told seniors in the northeast they would have to find a new health insurance plan, and the Principal Financial Group announced it was terminating all its health insurance business because of ObamaCare.
Less than a week after President Obama signed ObamaCare, 3M had to record a $90,000,000 charge on its earnings because ObamaCare changed a tax provision for companies that provide prescription drug benefits to their employees. Several other large employers, including AT&T, Medtronic, Caterpillar, Valero Energy, and Deere & Co, were affected by this same provision and took charges up to $1,370,000,000.
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