Updated January 28, 2020
It’s been a whirlwind of change in the health care world—as a small business owner, you may be wondering how you are being affected, or might be affected in the future by changes being made.
Keep reading to see how other small business owners report feeling about how the Affordable Care Act (ACA) affects them in 2020.
There’s no black and white answer for how much small business health insurance has been impacted by health care reform in the past few years—but if anyone’s opinion on the matter means the most, small business owners themselves probably rank pretty high.
According to an eHealth study conducted in 2019, small business owners reported their personal opinions on matters concerning new health-care laws and reform.
Some ways in which health care and the health insurance market changes may be affecting small businesses include:
Individual health insurance prices have been increasing over the years. According to the eHealth report:
Overall, small business health insurance plans tend to have lower average per person costs compared to coverage in the individual market. Small business plans have also shown significantly more premium stability than individually purchased coverage.
In late 2017, the tax penalty for going uninsured was repealed. This means in 2020, people will no longer risk being fined for not having health insurance. This is a major change to the Affordable Care Act, but according to eHealth’s survey, 76 percent of small business owners do not feel this repeal will affect whether or not they provide coverage.
Since Obamacare first came into effect, the yearly Open Enrollment Period has significantly shortened in length. This could affect people shopping on the individual market, but luckily for those who qualify for group health insurance, there is no open enrollment period—you can enroll in a plan at any time of the year.
Although the majority of small business owners involved in eHealth’s survey seemed to report minimal effects of health care on their small businesses, it’s still important to stay on top of health care reform, and how it may change your group health insurance plan, or how small businesses go about getting health insurance.
You can follow the news on eHealth’s newsroom, and stay on top of how health care reform affects small businesses.
Now that you know most people who enroll in group health insurance plans save on premiums per individual, and often benefit from lower deductibles, visit eHealth.com to see what plans are available in your area for a business like yours.
We have made it easy for small business owners to shop year-round for quality, affordable plans that will keep your employees covered with health benefits that won’t break your bank.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.