How Health Care Reform Will Affect Small Businesses

Health Care Reform Act will affect them and their employees. For small businesses and self-employed individuals, health insurance costs are already a high percentage of their overall expenses, and many are rightfully concerned about how recent legislation may affect them.

 

To help self-employed individuals, small business owners, and their employees navigate the confusing language and conflicting information related to recent health care legislation, we have provided the following answers to frequently asked questions. For additional information, visit (related SBBS blog post links)

 

Affects of Health Care Reform on Small Businesses:

Some insurers are changing their areas and/or types of coverage. If you have not yet heard from your Agent regarding changes that may be occurring as early as January 2011, you should request notification of any coverage changes.

Health Savings Accounts (HSA’s) have reduced coverage for over-the-counter medication and supplies. Request a copy of changes to your HSA, and review with employees.

Insurers will likely be making many changes to premium levels, coverage, requirements, deductibles, co-payments, and other terms of service over the next year or two as legislation continues to evolve. Now is the time to review your existing policies and options with a professional Health Insurance Broker, and make changes as needed.

 

The bottom line is that while we don’t yet know