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What The Obama Healthcare Proposal Means for Small Business
| Guest post by: Jess Wells |
Article Overview: Cisco Innovators Forum guest blogger Jeanne Quinn reports that the National Small Business Association released a report predicting the effects that President Obama's Healthcare Proposal will have on small businesses. Will this help or hurt your business?
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Free Download - What is a Coverdell Education Savings Account? By Jess Wells |
What The Obama Healthcare Proposal Means for Small Business
Cisco Innovators Forum guest blogger Jeanne Quinn reports on the National Small Business Association’s reaction:
In response to the bipartisan, bicameral health summit at the historic Blair House, President Obama released his health care reform proposal that attempts to reconcile the House and Senate-passed health care bills.
The President’s proposal generally defers to the Senate’s Patient Protection and Affordable Care Act (H.R. 3590), but identifies the administration’s preference where it deviates for the House’s Affordable Health Care for America Act (H.R. 3962). The 11-page report is not prescriptive; thus, the non-partisan Congressional Budget Office (CBO) has not assessed the impact of Obama’s changes to health care costs. Nonetheless, the administration suggests the cost of the new proposal will increase the overhaul from $871 to $950 billion over 10 years.
The following provides a brief overview of the provisions that have a specific impact on small businesses:
Cost-Containment
- Adopts several provisions from the President’s FY2011 Budget and Republican bills to eliminate fraud, waste and abuse.
Insurance Market Reforms
- Establishes a new, federal Health Insurance Rate Authority to regulate insurance rates; however, it is unclear how it will work in conjunction with traditional state-based insurance oversight.
- Does not include the House-passed public health insurance option.
- Maintains state-based health insurance exchanges in lieu of national health insurance exchanges favored in the House-passed bill.
Shared Responsibility
- Adopts the Senate’s version of the individual mandate, but lowers the penalty for noncompliance from $495 to $325 in 2015 and from $750to $695 in 2016.
- Adopts the Senate’s “free-rider” proposal that exempts employers with under 50 employees from any requirements to pay an assessment for employees with respect to offering health insurance. For employers with more than 50 employees, the following free-rider structure applies.
- If an employer offers coverage but it is determined to be “unaffordable” based on an employee’s income, and the employee goes to the health insurance exchange for coverage, then the employer pays $2,000 per employee.
- If an employer does not offer coverage, but the employee goes to the health insurance exchange for coverage, then the employer must pay $750 per employee.
- For employers who are responsible for any of these assessments, the first 30 employees are exempt from any calculations.
Revenue Raisers
- Increases the threshold on the Senate-passed excise tax on high-cost insurance plans (i.e. Cadillac plans tax) from $23,000 to $27,500 (family coverage) and from $8,000 to $10,200 (single coverage) and delays its implementation from 2013 to 2018.
- Thresholds are indexed to general inflation plus 1 percent, but do not adjust until the implementation date; thus, the increase could be undermined by rising health care costs prior to its implementation.
- Excludes dental and vision benefits.
- Maintains Senate-passed 0.9% Medicare HI tax increase for employee portion for individuals making over $200K and families making over $250K.
- Expands the Medicare HI tax of 2.9% on unearned income (interest, dividends, annuities, royalties and rents).
- Carves-out S-Corps from this expansion.
- Earned income tax goes to Medicare HI trust fund and unearned income tax goes to Supplemental Medical Insurance (SMI) trust fund.
Although delayed and slightly altered, the President’s proposal maintains the health insurer and medical device fees/taxes that have been assessed by CBO as likely passed down to the end consumer."
The Proposal Document
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What NOT to Do When Picking a Healthcare Staffing Payroll Factor
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Setting the Presentation/Proposal Meeting Date
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Related Forum Posts
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Obama or McCain?
- If I want to be partial , I would say Obama because I am black. But this should not be if you want to vote objectively. Otherwise, I will prefer Obama because of his age, charisma and energy
These maybe the coldest franchises out there:
- Here are the worst 15 performing franchises in regards to having the highest Small Business Administration (SBA) loan failure rates. The list is dotted with sub sandwich shops, fitness centers and car shops.
WORST FRANCHISE LOAN FAILURES Failure %
1 OBEE'S SOUP SALAD SUBS 55.56%
2 LADY OF AMERICA 41.94%
3 COUNTRY CLUTTER (BED & BREAKFAST) 41.18%
4 COPY CLUB 36.36%
5 ALL TUNE AND LUBE 35.71%
6 PICKERMAN'S 35.71%
7 PHILLY CONNECTION 35.59%
8 ROLY POLY ROLLED SANDWICHES 34.78%
9 COTTMAN TRANSMISSION 34.48%
10 HAIR COLOR EXPRESS 33.33%
11 LEE MYLES AUTOMOTIVE TRANSMISSIONS 33.33%
12 GODFATHER'S PIZZA 33.33%
13 SMOOTHIE FACTORY 33.33%
14 BLIMPIE 31.39%
15 GOLF U.S.A. (RETAIL GOLF EQUIP.) 30.77%
Source: Small Business Administration, SBA Loan Performance Within Franchise Code for the Period of FY 2001 - 2005
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: Biz Plan Competition
- i just wanted to say that posting Small Business Events on CanadaOne is a great resource. Thanks Julie!
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