As cases of COVID-19 continue to rise throughout the country, so does its impact on our economy. From stock market dips to decreased foot traffic in thriving neighborhoods, it's vital that our federal and state officials enact short and long-term policies that will offset these effects, particularly for our small business community, whose success is critical to our nation's economic health. Focusing on key policy issues will help support America's job creators.
Affordable Care Act
In 2010, when the Affordable Care Act (ACA) was enacted, Sadie Tuescher’s office at her county job in Milwaukee, Wisc. was flooded with people looking for help enrolling in coverage through the new marketplaces created by the law. She was overwhelmed by the influx of clients but quickly adapted and learned everything she could about the new healthcare law. It wasn’t long before her insurance agent husband was calling her daily with questions about the ACA.
The post below is in response to the recent ruling in the case of Texas v. U.S., which further complicates the future of the Affordable Care Act.
Open enrollment to purchase health insurance plans for 2020 through the Affordable Care Act (ACA) individual marketplaces is in full swing. This open enrollment season, we’re excited to partner with Airbnb to get the word out about open enrollment and share important resources to help entrepreneurs, small businesses and Airbnb hosts get covered. As part of this effort, we’re hosting two webinars to help you navigate enrollment and share important deadlines and resources so you can find the best healthcare option for you.
Health insurance exchanges are the most important component of healthcare reform for small businesses. These marketplaces will allow small businesses and individuals to band together to purchase insurance, which will lower their healthcare costs and allow more of them and their employees to get quality healthcare coverage.
In March 2011, Small Business Majority and Pacific Community Ventures (PCV) released the results of a survey, commissioned by PCV, of 804 California small business owners with fewer than 20 employees on key provisions of the Affordable Care Act. It found that small business owners who currently don’t offer health insurance, along with those who do, are more likely to provide or continue to provide coverage because of the healthcare tax credits and state insurance exchange.
More than any other sector of the economy, small business suffers from our broken healthcare system. From spiraling premium costs to inadequate access to quality healthcare for themselves and their employees, small business owners have seen their prospects for growth diminished and their profits slashed by today's patchwork of inefficient healthcare options.
On June 12, 2012, Small Business Majority and Kaiser Permanente released opinion polling that provides new insight into what small business owners in California and Oregon want out of state health insurance exchanges, which are being created under the Affordable Care Act. The polling found interest in a small business exchange is high, along with specific features in the exchange, including allowing employees to choose among multiple carriers and ensuring prevention and wellness programs are available. The survey also found awareness of the small business tax credits is low.
Congress included in the Affordable Care Act a significant new tax credit for small business owners who provide their workers with health insurance. Under this new tax credit, businesses that have fewer than 25 full-time workers and average wages of less than $50,000 are now eligible to receive a tax credit of up to 35% of the cost of the health insurance that they provide for their workers.
Small Business Majority released a national survey of 619 small business owners in January 2011 to gauge how entrepreneurs view two critical components of the Patient Protection and Affordable Care Act: healthcare tax credits and insurance exchanges.