“Today marks an extraordinary day for American businesses, which will continue to benefit from health care tax credits and reduced insurance costs,” said Frank Knapp, Jr., Vice Chair of ASBC and head of the South Carolina Small Business Chamber. “Not only does the ACA help small businesses to be more profitable, but it can level the playing field with big businesses that pay lower rates simply because of their size.”
However, the Court said that states need not expand Medicaid to 133 percent of the federal poverty level, as required under the ACA. “Small businesses would benefit from the expansion since it would reduce the number of employees needing to be covered by a company’s healthcare plan,” says Knapp. “That is the next fight in each state.”
With rising healthcare costs putting extreme pressure on businesses, healthcare reform that saves money is necessary for economic recovery and growth. The new law has already delivered tax credits to hundreds of thousands of businesses. Businesses will also receive rebates from insurance companies that miss certain spending targets. Measures taking effect in 2014 will create more competition among insurance companies, which will drive prices lower.
When the ACA is fully implemented, small businesses will no longer pay more than large corporations for their insurance. Recent polling shows that most small business owners support the Affordable Care Act, with strong majorities favoring key provisions that affect small businesses.
Green America’s Green Business Network is part of the American Sustainable Business Council, which represents more than 150,000 businesses nationwide, and more than 300,000 entrepreneurs, executives, managers, and investors.