It's no news that lack of affordability is the main reason many small business owners don't offer health coverage to their employees. It's not that they don't want to provide it -- they do. But unlike big businesses, small firms continue to face premium rates that are unpredictable in nearly every sense -- except for the guarantee that they will always increase.
That's why June 28 was a day for the small business history books. The Supreme Court ruling to uphold the Affordable Care Act protects a number of benefits that are helping offset small businesses' costs as they brave the tumultuous health coverage market. Provisions such as rate review and Medical Loss Ratio (MLR) have already resulted in lower premium costs and cash back for small employers. Millions of small businesses in 42 states will get rebates for part of their coverage costs in August because their insurers failed to spend 80 percent of their premium dollars on patient care and quality improvement as required by the MLR rule.
On top of that, the law's health insurance tax credits for small business owners with fewer than 25 full-time employees are helping hundreds of thousands of entrepreneurs who offer coverage save money on their health care costs. With those savings, they are reinvesting in their businesses and even creating new jobs. Now that the law's fate is no longer up in the air, eligible small business owners can look forward to 2014 when the maximum amount of the tax credit increases from 35 percent of their premium costs to 50 percent. And companies with with fewer than 50 employees are NOT REQUIRED to pay for health insurance for their employees, and if you have less than 25 you will get a tax credit to help pay if you choose.
So what's wrong with that. The fear campaign continues by the Republicans.
The answer is really simple the Republicans believe health insurance should not be provided by the goverment and every country in the world does now.