The Changed American Health Insurance for Small Business
The new health insurance laws brought out a few months ago have employers getting themselves all knotted up in fear. The laws require small businesses to step up and offer more, and the costs involved really worry everyone. Is the American health insurance landscape completely different now for small business owners? Let’s take it a step at a time.
To begin with, most of the worrisome parts of the new law aren’t coming into effect until months or years from now. And businesses that have fewer than 50 employees almost all of the time still are allowed to do without. However, since the American health insurance system now tries to provide a publicly funded option, these small businesses will mostly be taxed extra starting the year 2014. But what they charge the business owners in those extra taxes won’t be anywhere near what you would have to pay if you provided health coverage. When the new Small business Health Option Program (SHOP) is rolled out it will allow you to join hands with other small business owners in your area and buy insurance together with them in pooled fashion to minimize on administrative overheads. Either way, nothing’s happening for another four years or so.
The new American health insurance system that has been disapprovingly called Obamacare, does help small business earn itself a good deal of goodwill. Health insurance is a major reason why employees jump ship to other firms. This should be a good reason for employees to stick around. Only one of two small businesses in the country that work with just a handful of employees offer any health insurance at all. These are employees who are itching to move up in life where every little health problem isn’t the end of the world. The new law would help businesses help themselves.
Here’s a little primer on what exactly the American health insurance landscape will look like for small businesses when all provisions of the new law are in place. Right away, the health plans any business provides is going to include dependents up to the age of 26. And right away too, there are going to be no lifetime limits on any benefits. The most important thing here is that low-wage employees will have the same coverage by law than better paid employees. And part-time workers count too.
In four years, any small business with more than 50 employees will absolutely need to provide proper healthcare. If they don’t, there will be a stiff penalty to pay. People wonder if this’ll only succeed in getting small businesses to stay below 50 employees. It could hurt employment prospects in this country then. But all said, a country full of small businesses with healthy employees can only be a good thing.
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