New Report Shows Health Insurance Marketplaces Will Increase Competition Among Carriers, Rein in Premium Costs

The Department of Health and Human Services̢??‰? new report, ̢???Health Insurance Marketplace Premiums for 2014,̢???? further illustrates what we̢??‰?ve already known for sometime: the Affordable Care Act̢??‰?s provisions will create more competition among carriers, increase choices and help rein in costs. This will allow small employers and consumers to more easily get coverage that meets their needs and budget.

The high cost of health insurance has made it difficult, if not impossible, for many small business owners to offer health insurance to their employees. In fact, Small Business Majority̢??‰?s opinion polling found that of those small business owners who don't offer coverage, nearly six in 10 say it̢??‰?s because they can̢??‰?t afford it. The health insurance marketplaces will help change that. Our polling also found two-thirds of small business owners would use an exchange or at least consider using it, compared to a mere 8 percent who say they would not.

The health insurance marketplaces̢??‰۝a cornerstone of the law for small employers̢??‰۝ will be a one-stop shop where entrepreneurs can more easily find the right plan for their business. It will enable them, for the first time, to band together and leverage their buying power, giving them the kind of clout large businesses currently enjoy.

The marketplaces are set to open in 2014, with open enrollment beginning on Oct. 1 of this year. With more options becoming available, it̢??‰?s imperative small businesses learn about the marketplaces so they can take advantage of them when they open for business next year.

In preparation for open enrollment and full implementation of the law, Small Business Majority has launched several resources to help educate small employers about how the healthcare law might affect them. We recently unveiled the Health Coverage Guide in both English and Spanish, an online resource that provides small business owners with objective, step-by-step information on how to navigate the healthcare market. Additionally, we are teaming up with the Small Business Administration on a weekly free webinar series to teach entrepreneurs what the healthcare law means for their business. Each week, SBA representatives will walk through the key aspects of the law so that small business owners can understand the facts and make the most informed decisions they can about providing health insurance for their employees.

To see the Health Coverage Guide, please visit: http://healthcoverageguide.org or http://espanol.healthcoverageguide.org/.

For more information on the free webinar series, please visit: http://www.smallbusinessmajority.org/blog/small-business-majority/healthcare/affordable-care-act-101-weekly-webinar-series/