The Supreme Court of the United States (SCOTUS) has upheld the Affordable Care Act (ACA) in a 5-4 decision. Surprisingly, the conservative, Chief Justice Roberts sided with the liberal wing of the court. As an entrepreneur, this signals a perfect time for you to become familiar with the law. Review the provisions, and see which ones will be beneficial for you, family members, and your business.
The Affordable Care Act is also referred to as “Obamacare.”
Out of all the advanced countries, healthcare in the United States is the most costly with fewer optimal outcomes. If you are an employee with a desire of becoming your own boss, longing for the freedom to take your life in a different direction; not having the security of healthcare portability can be a significant roadblock in pursuit of your dreams. Healthcare is always a major consideration when moving from one job to another, or starting a business.
The Individual Mandate is a key aspect of the law that was used as a political football, and has been considered controversial with some people in the country. Nevertheless, it was upheld. It applies only to those businesses that have more than 50 employees. Therefore it will have little, to no impact on approximately 96% of small businesses.
Since the ruling, the mandate has been called a tax that will be imposed if you don’t become a part of the healthcare exchanges. It is NOT a tax, it is actually a penalty. And, the estimated flat dollar cost per individual is $95 in 2014; $325 in 2015 and $695 in 2016, according to Blue Cross-Blue Shield of Rhode Island.
The mandate is crucial because it holds those people who can afford insurance, but choose not to purchase it, and are continuously “rolling the dice,” hoping they, or their family members won’t get sick, financially responsible. And, if they do become sick, using the emergency room like a primary care facility will no longer be sustainable, or acceptable. Because, this behavior passes the financial burden onto Americans who do have insurance, by increasing their healthcare premiums. And, the taxpayers will no longer be required to foot the bill for free.
For a review of the benefits the Affordable Care Act provides, please take the time to visit: http://www.whitehouse.gov/healthreform, or http://www.healthcare.gov/. There is a wealth of “plain spoken” information there for your perusal. It is well worth your time.
This law is a step in the right direction for many reasons, including the powerful benefits it provides for small business owners. Many of the Affordable Care Act (Obamacare) provisions are already helping millions of Americans. The remaining ones are being phased in, and the law will be fully implemented by 2014!
Staring a business is an exciting and scary endeavor. However, eliminating the burden of extreme healthcare costs will increase entrepreneurial activity, which is good for business owners, our country and the world.