With the latest buzz in the news being the Affordable Care Act, otherwise known as Obamacare, questions are sweeping the nation and we all want to know how we are personally going to be affected by the legislation. The citizens, our money and our businesses are all involved, but the lines are still a little blurry as to what extent the Act will influence the lives of millions of Americans. The most common questions prompted about the Act are concerning small businesses, quality of health care treatment and the total cost of our country to implement the new plan. Here are a list of pros and cons of the Affordable Care Act as we know it.
Small Businesses
Obamacare will impact small businesses in more ways than one and there are pros and cons for each. One benefit includes a tax credit eligible for up to 50 percent of the premium costs for their employee’s health insurance. Many small businesses have a history of struggle in providing health benefits to their employees, so the tax credit will greatly help offset the cost for the business owner. The con, however, is that beginning in 2015, if the company employs over 50 workers, every employee must be offered health coverage. Because of this, some small businesses are cutting positions and employee hours, as the rule only applies to fulltime workers.
Quality Health Care
The Affordable Care Act has not gone over very positively with many workers in the healthcare fields, causing early retirement from some of the unhappy professionals. There is extensive pressure on the healthcare field to reduce costs of services to the public, increase patient volume and improve the quality of services, which some fear will have a negative impact on patient care, presenting a quantity versus quality approach to patient care. However, one benefit the Act will have on the healthcare field includes the production of new and updated healthcare facilities for patients and employees. Funded by the new law, new facilities are estimated to serve 4 million people within the next two years. In turn, this facility expansion will create more jobs in the medical field.
Cost of Act
It’s no secret that the U.S is in trouble with finances, having to continually manage debt with no clear path to overcoming the issue. Many concerns about the new plan are the costs we are paying to have this law implemented. Obamacare is expected to cost $1.1 trillion over the span of ten years, but it is estimated to result in a $200 billion reduction in the debt ceiling over the next ten years. Since millions of Americans will now have health insurance, the health insurance companies will still be thriving.
Visit our website to learn more about our health and wellness services, and to schedule an appointment.
Small Businesses
Obamacare will impact small businesses in more ways than one and there are pros and cons for each. One benefit includes a tax credit eligible for up to 50 percent of the premium costs for their employee’s health insurance. Many small businesses have a history of struggle in providing health benefits to their employees, so the tax credit will greatly help offset the cost for the business owner. The con, however, is that beginning in 2015, if the company employs over 50 workers, every employee must be offered health coverage. Because of this, some small businesses are cutting positions and employee hours, as the rule only applies to fulltime workers.
Quality Health Care
The Affordable Care Act has not gone over very positively with many workers in the healthcare fields, causing early retirement from some of the unhappy professionals. There is extensive pressure on the healthcare field to reduce costs of services to the public, increase patient volume and improve the quality of services, which some fear will have a negative impact on patient care, presenting a quantity versus quality approach to patient care. However, one benefit the Act will have on the healthcare field includes the production of new and updated healthcare facilities for patients and employees. Funded by the new law, new facilities are estimated to serve 4 million people within the next two years. In turn, this facility expansion will create more jobs in the medical field.
Cost of Act
It’s no secret that the U.S is in trouble with finances, having to continually manage debt with no clear path to overcoming the issue. Many concerns about the new plan are the costs we are paying to have this law implemented. Obamacare is expected to cost $1.1 trillion over the span of ten years, but it is estimated to result in a $200 billion reduction in the debt ceiling over the next ten years. Since millions of Americans will now have health insurance, the health insurance companies will still be thriving.
Visit our website to learn more about our health and wellness services, and to schedule an appointment.
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