DeAnne
Mike CrowlEconomic Effects of Health Care Reform on Small Businesses and Their Employees
July 27th 2009 21:04
A recent White House press release states that the Council of Economic Advisers released a report examining the challenges faced by smaller businesses and the likely impacts of health care reform on these businesses and the workers they employ.
The key findings of the report include several topics. The first point is that small businesses are crucial to the economy and are an important source of job growth in the United States.
In addition, the report finds, the current health care system is not working for these businesses and their employees. Small businesses pay up to 18 percent higher premiums than larger businesses pay for the same policies. This makes them less likely to provide health insurance for their employees. According to the report, less than 50 percent of businesses with 3 to 9 employees provides insurance. And, sadly, the number of small businesses providing insurance for employees is declining.
The health care reform legislation currently being considered will help these businesses. Those who meet certain criteria will be able to participate in an "insurance exchange" which will better coverage at lower cost than the current market. In addition, they will be able to receive tax credits to help in funding their insurance programs.
Not only small business owners will benefit from this legislation. Employees who work for companies that don't provide insurance, or those who are self-employed, will also benefit. Low-income individuals and families would receive sliding scale subsidies to help them purchase insurance. Additionally, health insurers would not be allowed to screen potential enrollees for pre-existing conditions.
If you are interested in further details, read the entire press release, with links to more information.
The key findings of the report include several topics. The first point is that small businesses are crucial to the economy and are an important source of job growth in the United States.
In addition, the report finds, the current health care system is not working for these businesses and their employees. Small businesses pay up to 18 percent higher premiums than larger businesses pay for the same policies. This makes them less likely to provide health insurance for their employees. According to the report, less than 50 percent of businesses with 3 to 9 employees provides insurance. And, sadly, the number of small businesses providing insurance for employees is declining.
The health care reform legislation currently being considered will help these businesses. Those who meet certain criteria will be able to participate in an "insurance exchange" which will better coverage at lower cost than the current market. In addition, they will be able to receive tax credits to help in funding their insurance programs.
Not only small business owners will benefit from this legislation. Employees who work for companies that don't provide insurance, or those who are self-employed, will also benefit. Low-income individuals and families would receive sliding scale subsidies to help them purchase insurance. Additionally, health insurers would not be allowed to screen potential enrollees for pre-existing conditions.
If you are interested in further details, read the entire press release, with links to more information.
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