Report: Help On the Way for Small Business Employers and Employees

 

Report: Help On the Way for Small Business Employers and Employees

Thursday, September 2nd, 2010 - 10:15
Thursday, September 2, 2010 - 09:52
A tax credit for small businesses provided by health reform will provide new coverage or stabilize existing coverage for about 3.4 million workers and family members by 2013, a report finds.

A Commonwealth Fund report released today finds that significant help is on the way for employees of businesses that have been squeezed by the rising costs of health care. Here are the major findings:

  • A tax credit for small businesses will lead to new coverage or stabilize existing coverage for an estimated 3.4 million workers and family members by 2013 -- this is out of the estimated 16.6 million workers who are employed by firms eligible for the tax credits.
  • Small firms eligible to purchase insurance through exchanges taking effect in 2014 will provide new coverage or stabilize existing coverage for about 5 million workers by 2019.
  • The individual mandate to purchase insurance and a penalty for larger businesses that do not offer coverage will combine to provide employer-based insurance to 6-7 million workers who don't currently get employer-based coverage.
  • At the same time, an estimated 8-9 million workers will lose employer-based coverage but are expected to get coverage through the expansion of Medicaid or through the exchanges.