Democrats Unveil Amendments to Affordable Care Act for Small Businesses

Strategic Insights -

Democratic Senators Mary Landrieu, Blanche Lincoln, and Debbie Stabenow, along with Terry Gardiner of the Small Business Majority and Mike Brey, a small business owner from Maryland, gathered at a press conference to unveil a package of amendments to The Patient Protection and Affordable Care Act that aim to benefit small businesses. The amendments seek to level the playing field for small businesses by lowering costs, increasing competitiveness, and making health care more stable for entrepreneurs. The Senators expressed their commitment to ensuring that small businesses have access to quality, affordable, and stable care for their employees and their families.

Key Takeaways:

  • The amendments aim to extend and enhance tax credits for small businesses, ensuring the insurance exchanges are robust, and eliminating penalties associated with waiting periods.
  • The Senate bill is expected to reduce health care costs for small businesses by 25%, and the amendment package will help small businesses further by making tax credits available to them immediately.
  • The amendments will make health insurance more affordable for small businesses by strengthening tax credits available to businesses that purchase plans in the new state exchanges.
  • Small businesses are the number one source of jobs in many states, and they are the least able to weather price increases in health insurance premiums due to limited capital.
  • In Arkansas, only 29% of businesses with fewer than 50 employees offer health insurance coverage because it is too expensive.
  • Without health insurance reform, businesses will see their health care costs more than double, leading to job losses.

Statistics:

  • 29 million small businesses in the US
  • Only 29% of businesses with fewer than 50 employees in Arkansas offer health insurance coverage
  • Health care costs for small businesses will more than double without health insurance reform
  • The Senate bill is expected to reduce health care costs for small businesses by 25%

Sources:

  • U.S. Senate Committee on Small Business & Entrepreneurship
  • Managed Care Weekly Digest
  • NewsRx.com