Saturday, January 21, 2017

AFFORABLE CARE ACT AND SMALL BUSINESS OWNERS

There are those who tirelessly claim that the ACA (Obamacare) is hurting small business, but the reverse may well be true as small businesses are increasingly signing up with the ACA.*  Quotes from the reference are in italics

One out of every 5 Obamacare customers — 1.4 million people — was a small-business owner, self-employed or both, in 2014, the first year Affordable Care Act plans were available, a government report issued Thursday revealed

The same Treasury Department report also found that workers whose incomes were not primarily from wages were almost three times more likely to buy health insurance coverage from an Obamacare exchange than wage earners in 2014.
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"These data show that the Affordable Care Act (ACA's) Health Insurance Marketplaces are playing an especially crucial role in providing health coverage to entrepreneurs and other independent workers," the duo wrote.* (The duo is two officials at the Treasury and the Health and Human Services Department in a blog post detailing the report.)
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California had more than 480,000 small-business owners and self-employed/sole proprietors covered through those plans, while Florida had almost 290,000 such people covered. States with small populations such as Vermont, Idaho, Montana, Maine, New Hampshire and Rhode Island were among those with a high share of small-business owners relying on Obamacare plans. 
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[Noah]Lang,[CEO of Stride Health, a California-based insurance broker], whose clients include Uber, Etsy, TaskRabbit and other gig-based companies,** said he expected participation in Obamacare plans to increase this year among small-business owners and the self-employed.

Note The ACA is not applicable to me as I am in a work related plan and I am not really familiar with the ACA.

* http://www.cnbc.com/2017/01/12/small-business-owners-self-employed-bought-many-obamacare-plans.html
** GIG Economy: A way of working that is based on people based on temorary jobs or doing separate pieces of work, each paid separately, rather than working for an employer.
(http://dictionary.cambridge.org/us/dictionary/english/gig-economy)

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