there a few minutes, the the Supreme Court ruled 6-3 for ObamaCare in king v Burwell . The decision confirms the health insurance market in all states can offer tax credits on contributions to individual policyholders.
This decision is a great victory for small business owners and employees across the country. Since the passage of ObamaCare , small businesses have saved up to 60 percent by giving money to employees to buy their own personal plans directly from the companies' insurance.
With the individual approach to health insurance, instead of providing a group plan, a small company allows employees to purchase their own independent personal level of business and provides a monthly allowance to cover the cost. Most owners and employees of small businesses eligible for additional allocation from the IRS to help cover the costs of out-of-pocket health insurance. These additional allocations, called premiums tax credits, were at the center of the case to the Supreme Court mentioned above.
This decision cements health insurance personal savings opportunity for small business owners and employees. With this decision behind us, we'll take look at what to expect in 2015 and beyond.
1. Congress will pass course corrections to improve ObamaCare
For the first time since the law was passed, Congress and the president Obama will now focus on the passage improvements piecemeal to the affordable care Act (ACA) that make the best law for consumers and employers. We expect a wave of new legislation to be introduced in the coming months. Here are some easy solutions that we expect the Congress to target in 2015:
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Developing the refund arrangements Health (HRA) members Congress and women both. sides of the political aisle are owners agree to small businesses should be able to offer health reimbursement arrangements reimburse employees for health insurance premiums and medical expenses.
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Simplify employer IRS reporting requirements. There is no complexity of the structure of the IRS ACA reporting requirements. Congressmen and women on both sides of the political aisle agree that the reduction of administrative burden for companies will increase the number of companies offering benefits and reduce costs for everyone.
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Expand Health Savings Accounts (HSA). Congress can increase the value and usefulness of HSA for retirees by allowing early retirement to use HSA funds to pay for health insurance coverage and allowing Medicare eligible retirees to pay for a Medigap coverage with HSA funds.
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Change the important requirement of shared responsibility of the employer ( "Mandate"). We expect Congress agrees to change the definition of a full-time 40 hours per week (against 30), while at the same time setting the definition of the major employers include only employers with 100 or more employees. This would simplify the administrative requirements for employers and the IRS.
2. Small businesses transition to individual health insurance
The decision today solidifies the individual market is the future of health insurance and continue to be modified and improved. Small business owners, who are most affected by the increase in premiums, now have the certainty needed to help themselves and employees transition to the private market we hope to increase to over 100 million by 2025 . We expect small businesses to continue offering health benefits to employees in the form of monthly allowances (or "allowances").
3. exchanges of state will pass HealthCare.gov
With access to tax credits for premium respected all 50 states, we will see the states with the transition from state to HealthCare.gov markets in the entrance years. HealthCare.gov has the resources to operate, and troubleshoot an online market that many small states could not adequately fund or operate.
law To date, most of these states are considering which would be both the exchange on the federal market state HealthCare.gov. Both Hawaii and Nevada have already decided to go to HealthCare.gov. We expect other states to follow.
4. Health reform will dominate 2016 elections
Although there is still room for Republicans to attempt a repeal full of ObamaCare, such efforts would almost certainly be vetoed by President Obama. We expect the Republicans to the Affordable Care Act a central theme of the debate at the approach of the 2016 elections
Conclusion
today's decision sent a clear signal across the country. The Affordable Care Act, and more specifically, individual health insurance, is on track to be an essential part of the health insurance system in America. How do you feel about this decision?
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