The National Federation of Independent Business released a report the other day outlining the effect the Affordable Care Act will have on small businesses. Since the law was passed in 2010, there has been no shortage of controversy regarding its provisions. Supporters of the health care reform have staunchly asserted that the law will benefit small business as a whole by allowing them access to more affordable health care plans from the nation’s insurance companies. According to the NFIB report, however, employers may be cutting their health insurance plans because…
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States decide if large businesses can use health exchanges
According to the regulations for health care reform issued by the federal government, the authority over whether or not large companies can buy coverage through the new health exchanges will be given to the states, beginning in 2017. These state health exchanges are to play a central role in the Patient Protection and Affordable Care Act. The first wave of availability will begin in 2014, when it will become available to businesses with 100 employees or less, and individuals; particularly those who qualify for subsidies for federal health insurance premiums.…
Read MoreResearch shows federal healthcare law is helpful to small businesses
Two new studies have shown that when compared to ten years ago, fewer Americans are receiving health coverage through their employers, but that the U.S. healthcare law of 2010 should assist with the stability of insurance sponsored by employers. The Robert Wood Johnson Foundation, a non-partisan organization, sponsored the studies and will contribute to the current debates regarding the effect that President Obama’s healthcare changes will have on health insurance that is employer-sponsored. This is because the research indicated that under the new law, 30 percent of employers may decide…
Read MoreWorldwide disasters push commercial insurance rates higher
In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…
Read MoreForecast predicts a third of companies will cut health benefits
A new study from prestigious consulting firm McKinsey & Company suggests that as much as 30% of the nation’s employers will be making drastic changes to the insurance they provide to their employees. The firm suggests that the more these companies learn about upcoming insurance changes stemming from last year’s Affordable Care Act the more likely they are to make such changes. The study anticipates that these businesses will cease offering health care benefits or restrict access to such benefits to a select few in their service. If the study…
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