Summary of Senate health bill’s effect on small businesses:
- eliminates requirement to be insured
- protects insurers in the marketplace
- shifts but retains tax credits
- lowers the number of people eligible for free or reduced price coverage
- cuts taxes for the wealthy
- suspends the ‘Cadillac Tax’
- strips federal funding from Planned Parenthood
- is surprisingly light-weight; only about 145 pages
- is not a repeal of Obamacare but instead mostly strengthens and builds upon it.
- places restrictions on abortion coverage (changed definition of qualified plan and elimination of small employer credit)
- liberalizes withdraws from Health Savings Accounts
- removes employer taxes for not providing health insurance
- includes option for a work required for non-disabled medicaid recipients
- adds a $5,000 federal filing fee for a qualified small business health plan that possible bypasses state regulation?
This is not meant to be a complete analysis. Clearly there are portions of the bill outside of my area of practice that I do not understand. This post is based on the draft version published today; certainly there will be changes as this moves along.
In short, if a version of this bill becomes law then I see a lot of financial planning opportunities for small business owners under the health care reform proposal.