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Health care overhaul- good for small businesses?
There seems to be much debate over whether the new health care laws will be beneficial to SMBs or not. What do you think? Do you think SMBs will take advantage of the new incentives? Will you? Why or why not?
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3 Answers
It's really hard to say given the complexity of the new law. Also, most of the key provisions won't kick in until 2014.
Short Term impact is an anticipated increase in premiums of about 5-15% because of the mandated coverage changes: 1.extending coverage to dependents up to age 26, 2.elimination of lifetime max limits, 3. New reporting requirements of carriers, medical suppliers, manufactures, etc. 4. Eliminating co-pays or co-ins on preventive care. More importantly, evaluate if you should grandfather current plans. Plan structure in effect prior March 2010 can be grandfathered in if you maintain the plans. Also pay attention to changes in regulation on the state level. Many states still have significant coverage mandates that could additionally impact cost, availability, etc. prior to full implementation in 2014.
We have always covered our employees with health insurance. We are a professional services company so I think it is expected from our employees.
Our biggest issue has been finding carriers that will cover a small company in multiple states. That is not an easy task as they see each state as a different risk pool. We pay the highest premiums out there.
I will be interested to see how this will affect the portablity of policies. Will there be more in the market and will this state border issue hold up. Of our our Insurance Commissioner in GA would love to see less competition and less carriers. That is not good for small businesses.
In my perspective I think my issues were not vocalized in the debate. It got lost in the partisan politics from both sides. At least something was passed and it is a start.
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