Obamacare and Small Business - 1856 Words

Obamacare Small Business BUS 207 01 November 25, 2013 Melissa Spinden Many people have a lot of questions when it comes to the new healthcare reform law. First off Obamacare is formally called the Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act is the healthcare reform law that was signed in 2010 and now many states have opened their health insurance marketplace exchanges as of October 1, 2013. This new healthcare reform law aims to increase the number of Americans that are covered by health insurance and also to decrease the cost of health care. Under this new law everyone in America will have to get health insurance of some form.†¦show more content†¦The delay of the enactment of the Patient Protection and Affordable Care Act will allow for small businesses to increase employee hours as well as hire additional employees until 2015 when the Patient Protection and Affordable Care Act will take affect for businesses. The Patient Protection and Affordable Care Act may negatively impact some employees; if an employee has coverage through its employer the insurance premium must be less than 9.5% of their income. For example if the employee premium is $3600 a year and the 20% share of the premium is $720 and the employee makes $45,000 a year; $45,000 x 9.5%= $4275 which is greater than $720. Therefore this coverage would be deemed affordable. However if this particular employee has a family of four the premium for the family would be an additional $7500 a year. In this case this individual would be eligible for tax credits to help afford the health insurance coverage if their employer did not provide health coverage (Lee, 2013). The delay of the enactment of the Patient Protection and Affordable Care Act will help and hurt people at the same time. The delay of the healthcare reform law does not change the January 2014 deadline that mandates all individuals to get health insurance coverage or taxShow MoreRelatedObamacare Will Impose New Health Coverage963 Words   |  4 PagesObamacare will impose new health coverage costs, the employer mandate, compliance regulations, and new taxes on all businesses. Altogether, these constraints will dramatically affect companies’ per-employee costs, desire to provide health coverage, and motivation to grow in terms of both income and employment. Further Burdening Businesses. Obamacare is likely to exacerbate many of the concerns and costs that are already burdening businesses—particularly small-business owners—in at least four waysRead MoreEssay on Obamacare and Small Businesses 1289 Words   |  6 Pages Obamacare and Small Businesses Adverse Effects Obamacare seems to have a plethora of negative elements attached to it. 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