Affordable Care Act and Its Impact on Small Businesses
Affordable Care Act: Efforts to Implement the Small Business Health
Care Tax Credit Were Mostly Successful, but Some Improvements Are Needed
NEW: Interview with John Arensmeyer, Founder & CEO of Small Business Majority
Small Business Majority Introduction. Discussion of economic advantages of offering health insurance by small businesses, including attracting and retaining employees and discussion of impediments to providing health insurance. Focus on Small Business Health Care Tax Credits – eligibility and impact. Discussion of government’s implementation, businesses’ favorable responses, increased likelihood of offering health insurance and accompanying statistics.
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Impact on small businesses with over 50 employees that will be required to offer health insurance – affects a mere 0.2% of businesses. For businesses that choose not to offer health insurance penalties would encourage offering health insurance without being onerous.
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Setting up exchanges – economic benefits, history, and factors that will influence increased choice and reduction in health insurance premiums for small businesses. Massachusetts example as a model for the Affordable Care Act, which empowers states to tailor exchanges to their particular marketplaces. Bundled payment system set up by Center for Medicare and Medicaid rewards value and exchange drives down costs by negotiating with plans that increase such value.
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Discussion of projected increase of health care costs and job losses without health care reform. Projected effects of the reform on Federal Budget, sources of savings, including impact of additional revenues, none of which negatively impact but ultimately benefit small businesses. Significance of the mandate – having everybody in the system eliminates “hidden tax” and is essential for efficient health care reform.
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Sources referenced in the report:
Small Business Majority
State Surveys Highlight Small Business Support for Healthcare Reform
California Small Businesses and the Affordable Care Act
New York Survey: Small Businesses Need Healthcare Reform
What You Need to Know about the Small Business Health Care Tax Credit
A Helping Hand for Small Businesses: Health Insurance Tax Credits
Affordable Care Act: Efforts to Implement the Small Business Health Care Tax Credit Were Mostly Successful, but Some Improvements Are Needed
Small Business Owners’ Views on Key Provisions of the Patient Protection and Affordable Care Act
Medical Expenditures Panel Survey, Insurance Component, Table I.A.2, 2008
Statement for the Record Before House Ways And Means Committee on Hearing on the Health Care Law’s Impact on Jobs, Employers, and the Economy
Generosity And Adjusted Premiums In Job-Based Insurance: Hawaii Is Up, Wyoming Is Down
The Romneycare Obamacare connection
Be Careful What You Wish For: Repeal of the Affordable Care Act Would Be Harmful to Society and Costly for Our Country
The Economic Impact of Healthcare Reform on Small Business
CBO's Analysis Of The Major Health Care Legislation Enacted In March 2010
Health-Related Revenue Provisions in the Patient Protection and Affordable Care Act (PPACA)