by jovana
Health Care Reform-Great News for Small Businesses
March 24, 2010 in Articles, Finance, Legal & Taxes, News by jovana
“After almost a century of trying; over a year of debate; after all the votes have been tallied –health insurance reform becomes law in the United States of America”, said the President Obama yesterday, after signing the health reform into law. Things are finally going to change quite a bit between Americans and their health insurance companies. With this law American citizens and small businesses will have their own health care under control.
It is announced that it would take four weeks to fully implement these reforms, since the implementation must be done responsibly. However, host of desperately needed reforms will take effect right away.
This year about 4 million small businessman and woman will be able to receive tax credits to help them cover the cost of insurance for their employees. The President said that once this reform was implemented, health insurance exchanges would be created, a competitive marketplace where uninsured people and small businesses would finally be able to purchase affordable, quality insurance
This law is something that most of small business owners were waiting and needing for a long time. Therefore, let’s see how will this legislation influence on small businesses, their owners and their employees.
1. First of all, you should know that you won’t be required to provide health insurance to your employees, but if you choose to, new tax credits will make covering your employees more affordable. You will also have access to a new insurance exchange to find the best deal, and the entire process will be simpler.
2. Today, small businesses pay up to 18 percent more than large firms for the same health insurance policy. The independent and non-partisan Congressional Budget Office found that with health insurance reform, premiums for small businesses will go down. In addition, you will be protected from sudden, arbitrary rate hikes because a worker get sick; because insurance companies will no longer be permitted to base the cost of coverage on health status.
3. The President’s proposal bill gives small business owners the leverage that big businesses enjoy by allowing them to buy coverage through the exchange. This gives them greater buying power in the market place and spreads the cost of coverage across a much larger pool – both of which help to hold down premiums.
4. Now, if the business owner cannot afford to provide coverage, employees will be able to buy it. Employees at small businesses that don’t offer coverage can get tax credits to purchase coverage. This way there are two options for employers and their employees, both possibilities provide the health care for the workers.
5. If you are a business owner, you should know that, if you choose to provide health insurance for you employees, your business taxes will not go up. Instead, you may be eligible for new tax credits to help offset the cost of covering your employees.
6. The confusing forms will be simplified. Health reform will require plans to use clear and plain language on insurance forms so that you can easily understand what benefits and what doctors are covered in your plan. And, it will standardize forms to reduce the confusing and overwhelming paperwork that all Americans have to confront today.
7. Reform will provide at least three tangible benefits that will make it easier and cheaper for small businesses to provide coverage: First, by allowing small businesses to buy coverage through an insurance exchange—the marketplace where you can shop for health insurance—small businesses will get the benefit of pooling together their employees with millions of others, which will lower their own exposure, lower risk and ultimately lower costs. Second, operating through an exchange will reduce administrative costs for small businesses and their employees by enabling them to easily and simply compare the prices, benefits, and quality of health plans. Third, many small businesses will be able to get a tax credit to help cover the cost of the coverage they offer.
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97% of the Americans work in small businesses and micro businesses.
This bill forever has taken away America's unique selling proposition of being a "Free Enterprise." The fabric of free enterprise has been torn apart in a hasty decision.
How so? We are competing in Global Market? This will make the cost of our services extremely high. In a Global Market with varied pricing structure, American Workers do not have a unique strength to drive the market. This bill will further increase our costing in the Long as well as Short Run.
My competition the Global Market will produce a similar worker to my client for just the cost of the health care amount, I will be paying for each individual employee. Keep in mind you and I are competing with a Global Market that will sell a similarly qualified body like you and me to the American Market for $160-300 dollars a month. So, this will result in higher unemployment.
We have to realize the Economics of America. We are a participant of the Global Economy. We make money selling our wares to the World. We invent here, but, manufacture in China. So, about 80% of our money is in China, India, Europe, Philipines and Africa.
Social Security and medicare are bankrupt, the country cant teach a 6 year old how to read and now this. If you are a financial advisor I would find a new job, probably a government job
Ms. Zivanovic, I am guessing you wrote this from the talking points of the Economic Policy Institute (a union think tank) who says this is good for small business (http://www.epi.org/publications/entry/ib258/ ). Odd that I cannot find a single business organization that says it will help business. If the exchange and all of these "reforms" will lower costs by "increasing buying power" why is it that Massachusetts has the highest health insurance costs in the country? Worse, did you realize the law calls for up to 16,500 new IRS agents to help the "fortunate" small businesses and individuals comply?
You are a total moron if you believe this is good for small business
You got a really useful blog I have been here reading for about half an hour. I am a newbie and your post is valuable for me.
97% of the Americans work in small businesses and micro businesses.
This bill forever has taken away America’s unique selling proposition of being a “Free Enterprise.” The fabric of free enterprise has been torn apart in a hasty decision.
How so? We are competing in Global Market? This will make the cost of our services extremely high. In a Global Market with varied pricing structure, American Workers do not have a unique strength to drive the market. This bill will further increase our costing in the Long as well as Short Run.
My competition the Global Market will produce a similar worker to my client for just the cost of the health care amount, I will be paying for each individual employee. Keep in mind you and I are competing with a Global Market that will sell a similarly qualified body like you and me to the American Market for $160-300 dollars a month. So, this will result in higher unemployment.
We have to realize the Economics of America. We are a participant of the Global Economy. We make money selling our wares to the World. We invent here, but, manufacture in China. So, about 80% of our money is in China, India, Europe, Philipines and Africa.
[WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.
97% of the Americans work in small businesses and micro businesses.
This bill forever has taken away America’s unique selling proposition of being a “Free Enterprise.” The fabric of free enterprise has been torn apart in a hasty decision.
How so? We are competing in Global Market? This will make the cost of our services extremely high. In a Global Market with varied pricing structure, American Workers do not have a unique strength to drive the market. This bill will further increase our costing in the Long as well as Short Run.
My competition the Global Market will produce a similar worker to my client for just the cost of the health care amount, I will be paying for each individual employee. Keep in mind you and I are competing with a Global Market that will sell a similarly qualified body like you and me to the American Market for $160-300 dollars a month. So, this will result in higher unemployment.
We have to realize the Economics of America. We are a participant of the Global Economy. We make money selling our wares to the World. We invent here, but, manufacture in China. So, about 80% of our money is in China, India, Europe, Philipines and Africa.
[WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.
Ms. Zivanovic, I am guessing you wrote this from the talking points of the Economic Policy Institute (a union think tank) who says this is good for small business (http://www.epi.org/publications/entry/ib258/ ). Odd that I cannot find a single business organization that says it will help business. If the exchange and all of these “reforms” will lower costs by “increasing buying power” why is it that Massachusetts has the highest health insurance costs in the country? Worse, did you realize the law calls for up to 16,500 new IRS agents to help the “fortunate” small businesses and individuals comply?
[WORDPRESS HASHCASH] The poster sent us ’0 which is not a hashcash value.