McDonald's May Scrap Health Insurance For 30,000 Workers

McDonald's MCD, the Dow component and the largest fast-food chain in the world, said it may cancel its health insurance plan for 30,000 hourly U.S. employees unless regulators waive a new requirement of the U.S. health overhaul, according to the Wall Street Journal. Trade groups are concerned that low-wage hourly workers might stop their insurance plans if the government doesn't loosen a requirement for "mini-med" plans, which offer limited benefits to some 1.4 million Americans, the Journal reported. McDonald's offers the plans at 10,500 U.S. locations. The company said last week its insurance provider won't meet a requirement to spend 80%-85% of its premium revenue on medical care, according to the Journal. McDonald's says that ratio is too high. The company did not disclose what its current ratio is. Aetna AET provides the mini-med plans to companies such as Home Depot HD, CVS Caremark CVS and Walt Disney DIS, the Journal reported.