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Business and Healthcare Reform
The healthcare reform overhaul that is sweeping the country is bringing significant changes to employers of all sizes over the next decade. With so many changes already under way and still on the horizon, it’s more imperative than ever that businesses stay up-to-date on the latest news, tips and information on how it will affect them.
**The Latest on Healthcare Reform**
1.10.11: With news that opponents of the new health-care law are actively trying to repeal the landmark legislation, small business owners have great reason to be concerned. Lawmakers and pundits in support of this move claim the Patient Protection and Affordable Care Act (PPACA) hurts small businesses and our economic recovery, as evidenced in Scott Shane's Jan. 7 column "Small Business Isn't Celebrating Health-Care Reform." The facts say otherwise, according to John Arensmeyer of the Small Business Majority in this story in BusinessWeek.
12.13.10: A federal judge declared today (12.13.10) declared a key part of the Administration’s landmark healthcare law unconstitutional (the individual insurance requirement portion) in the first major setback on an issue that will likely end up at the Supreme Court. The judge ruled that Congress exceeded its authority by requiring Americans to start buying health insurance in 2014 or face a fine. But, Administration officials said they will appeal and work will continue on implementing the rest of the law. Meanwhile, efforts are continuing in Congress to repeal or dismantle portions of it. Read more on the judge's ruling here, Congressional efforts in a Christian Science Monitor story here, and check back frequently for updates on this site.**
Barring any changes in Congress over the next few months, BizFed has compiled some key resources and information here to help business owners stay on top of the currently planned reforms. Please be sure to check back frequently – we will continue to update this page with ongoing changes and vital information.
Some of the key impacts of the healthcare reform on business, highlighted by the Small Business Majority in California:
· Provides immediate tax credits for most small businesses ($40 billion in credits by 2019)
o Eligible businesses: Fewer than 25 full-time employees; Average annual wages <$50,000;
Employer pays at least 50% of the premium cost
· Provides immediate access to a Preexisting Condition Insurance Plan for the self-employed
· Establishes a competitive marketplace for small businesses and the self-employed
· Provides subsidies for many small business workers and self-employed entrepreneurs
· Eliminates preexisting condition exclusions
· Includes “grandfather clause” for existing plans
NEWS HIGHLIGHTS
California Opens Health Insurance Plan to Uninsured:The state of California recently opened enrollment in its new pre-existing condition insurance plan, one of the first major provisions of national health care reform to take effect.
Healthcare Reform – What is Your Timeline? This Deloitte CFO Insight article notes “employers should begin working on their health refom now – 2010” to adjust accounting and disclosure practices, according to The San Gabriel Valley Tribune.
"What effect will this year's health care reform legislation have on business and the U.S. economy?"– A look by Accounting Today at the answers from its candidates for its annual Top 100 Most Influential People in Accounting ranking.
Healthcare 2010 - Tracking the National Debate on Healthcare System Overhaul: Dedicated by the Washington Post to covering the latest news across the country.
California's Health Insurance Exchange: What Now? California is the first state in the nation to pass a law creating a health benefit exchange, one key mechanism to provide broader health care coverage under the federal Affordable Care Act. What needs to be done now to build the exchange and launch it by the 2014 deadline - including helping small businesses purchasing coverage through the exchange?
VITAL RESOURCES
California Chamber
As federal agencies make information available on details or implementation of the new health care law, the CalChamber is presenting these updates at its HR Watchdog Blog here
The Small Business Majority
· Provides a 4-page summary review of what’s in the healthcare reform overhaul for small business – available here.
· The group also has a tax-credit calculator on its site here.
· To view a more in-depth powerpoint presentation of some of the key changes here.
· For more tools by the group on navigating the issue, click here
National Federation of Independent Businesses
The NFIB has dedicated a site to help businesses understand the impacts of the government’s implementation of the new healthcare law. Includes a step-by-step guide to resource guide and timeline for small businesses. Check out the NFIB’s Healthcare Reform Law for Small Business.
Official California WebSite
Follow what state government officials are doing to plan for and administer the sweeping changes coming to California’s health care system in the months and years ahead. The state of California has a website dedicated to the status of implementation of the national reforms here. The site includes news and information, updates on the Governor’s task force efforts, and a timeline for reform implementation.
California Healthcare Foundation
The foundation, through its California Healthline service, offers a daily compilation of news and information related to implementation and issues on national healthcare reform in the state here
National Healthcare Reform Website
The federal government has a site dedicated to news on the national healthcare reform overhaul that is chock full of information for consumers and businesses.
· Affordable Care Act information, FAQs, tips, and news can be found here
· Information, tips and news specifically for small and large employers can be found here
The White House
The White House also has a frequently updated site dedicated to news on reforms across the country and other information useful for business owners here
