Today's Date: March 5, 2021
PGMA Safety Campaign Warns of Carbon Monoxide Dangers With Portable Generator Misuse   •   CORRECTING and REPLACING Micro-Mobility Leader, Helbiz, Launches E-Scooters in Jacksonville, Florida   •   SoleSavy Hires Former Los Angeles Lakers Head of Marketing as Senior Vice President of Marketing   •   Stacey Abrams Urges Women to Champion Change for Those Who Need it Most at the California Conference for Women   •   The Change Company Names B.C. Silver President of Digital Banking   •   Jazwares Extends Wildly Popular Squishmallows® Brand With The Launch Of Squishville™   •   Gillette® Announces the Return of the Gillette Gaming Alliance   •   Hair Color Market Research 2021-2025|6.95% Year-Over-Year Growth in 2021|Evolving Opportunities with Henkel AG & Co. KGaA an   •   MoA Technology appoint Virginia Corless as CEO   •   DFRobot's HuskyLens, an AI Vision Sensor, included in the "forget-me-not" for Alzheimer's patients   •   Xfinity Communities Offers Riverside Foundry Residents High Performance WiFi Ready Experience   •   Study Shows SARS-CoV-2 Virus Not Detected in Human Semen   •   Dr. Anthony Bared Takes Part in Facial Hair Transplantation for Transgender Patients Study   •   Secret Deodorant Brings Relief to Over 100,000 Women and Their Families with YWCA Partnership   •   CNNBS Announces New Partnership With Baroni Cannabis   •   Five Termite Species All Homeowners Should Be Aware Of   •   IMAX China Reports Full-Year 2020 Financial Results   •   Sight Sciences Receives FDA Clearance for Expanded Indication for OMNI Surgical System   •   Subsplash Messaging Provides a Compelling Alternative to GroupMe & Slack for Churches   •   Novetta Success Hiring U.S. Military Service Members with DoD SkillBridge Program
Bookmark and Share

Report: Health Reform Gives Families, Small Businesses More Choices

By Viji Sundaram New America Media


WASHINGTON - Secretary of Health and Human Services (HHS) Kathleen Sebelius have released a report that says that each year from the time the health care reform law is fully implemented in 2014, a low-income family of four could save up to $14,900. Small businesses will also be able to save from the tax credits offered in the law.

“For too long, skyrocketing health care costs have made it hard for businesses to provide coverage for employees, and have made it difficult for families to afford coverage,” said Sebelius. “The Affordable Care Act is providing families and businesses with more freedom, choices, and savings in their health care coverage.

“Without the Affordable Care Act,” she added, “consumers and businesses would face higher premiums, fewer insurance choices, and rapidly rising health care costs.”

One of the important provisions for individuals and businesses in the ACA is the state-based health exchanges through which people can compare benefits and services before buying insurance. California is the first state in the nation to set up such an exchange. According to the HHS report, a middle-class family purchasing private insurance through the exchange could save as much as $2,300 a year.

Starting in 2014, the exchanges will allow individuals and small businesses to pool together and use their market strength to buy coverage at a lower cost.

Among the report’s other highlights are:

* Tax credits provided by the ACA will lead to even greater savings. For example, in 2014, a low-income family of four could not only save as much as $14,900 per year they will also qualify for tax credits and reduced cost sharing.
* In 2014, small businesses, on average, could save up to $350 per family policy, and many of them may be eligible for tax credits of up to 50 percent of their premiums.
* The tax credits are already available to small businesses, and cover 35 percent of their premiums. For example, a firm with 10 workers who earn an average of $20,000 annually could currently receive credits of $35,000 annually. These tax credits could save small businesses $6 billion in 2010 and 2011.
* All businesses will likely see lower premiums by 2019, which could generate millions of dollars in savings.

These savings are in sharp contrast to the rising insurance costs families and businesses have experienced over the previous decade. From 1999 to 2009, premiums more than doubled, rising by over $7,500 for the average family that gets insurance through an employer. 
The high cost of health care made it difficult for many small businesses to offer insurance to their workers. The percentage of small employers offering health insurance dropped from 65 to 59 percent between 1999 and 2009.

The report outlines several of the provisions of the ACA that HHS has already begun to implement that will help create these savings, including provisions to increase transparency in the health insurance marketplace. In 2011, most health insurance companies will be required to spend at least 80 percent of premium dollars on health care and quality improvements, rather than overhead and administrative costs. States have received new resources to improve their review of proposed health insurance premium rate increases, and HHS has proposed that, in 2011, any proposed rate increase above 10 percent should be reviewed.

In addition, businesses are receiving new resources to help meet rising health care costs for employees and retirees. Many small businesses are already eligible for tax credits that cover up to 35 percent of insurance costs for their employees. And more than 5,000 sponsors have been accepted into the Early Retiree Reinsurance Program, which is designed to provide financial relief to help early retirees and their families continue to have quality, affordable health coverage.

The entire report can be found 
HERE


STORY TAGS: GENERAL, BLACK NEWS, AFRICAN AMERICAN NEWS, LATINO NEWS, HISPANIC NEWS, MINORITY NEWS, CIVIL RIGHTS, DISCRIMINATION, RACISM, DIVERSITY, RACIAL EQUALITY, BIAS, EQUALITY

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News