The Medical Coverage of Small Businesses and ObamaCare

Cass, C., & Alonso-Zaldivar, R. (2013, July 29). What now? Q&A about latest snag in health care law. Delaware Online. Retrieved July 30, 2013, from www.delawareonline.com/viewart/20130705/BUSINESS13/307050045/What-now-Q-about-latest-snag-in-health-care-law

Michael Fraser is the executive vice president of the Pennsylvania Medical Society. Fraser states that some of the plans offered through the Affordable Care Act have an annual deductible of $6,350. Patients must pay this deductible before insurance covers any portion of their medical fees. Once met, these plans only cover 60 percent of the medical costs, leaving the patient responsible for the remaining 40 percent.

Many people in the United States at some point in their life pay for health insurance or health care. Usually the people who pay for health insurance is either retired from work or are in their primes with children to care for. There are many other kinds of health care associations in the U.S., but there’s a major health insurance cooperation in today’s society that is causing problems in America’s economy and causing major drops in unemployment rates everywhere in the U.S., named after the 44th president of the United States of America, President Barack Obama, Obamacare is a type of health care system that is outrageously expensive and money consuming, putting Americans into serious debt. It had once been seen as a plan to help Americans

Many people have a lot of questions when it comes to the new healthcare reform law. First off Obamacare is formally called the Patient Protection and Affordable Care Act. The Patient Protection and Affordable Care Act is the healthcare reform law that was signed in 2010 and now many states have opened their health insurance marketplace exchanges as of October 1, 2013.

* Small Businesses are companies that have between 1 and 99 employees under its organization.

Small businesses are an integral part of job creation and of driving the US economy. However, the current healthcare system has severely disadvantaged small business in comparison to the larger companies. According to research, small businesses with fewer than 20 employees accounted for approximately 18% of private sector jobs in 2008, but about 25% of net employment growth from 1992 to 2007 (Arvantes, 2010). Small businesses also rates highly in terms of jobs creation, in start-ups, as well as being a key source economic growth and of innovation. Historically, small businesses have encountered numerous challenges to offering affordable insurance coverage to

In 1915, reformers issued the first major proposal for national health insurance in the United States. In 1929, the first current group health insurance plan was formed. Since that time, Americans have relied on private insurance to help protect their families. Across the nation health insurance has provided a level of comfort when a medical situation arises. Policyholders know that there will be reliable services as well as assistance with the costs. Since the passing of The Affordable Care Act (ACA) in 2010, there has been agitation in Washington, and it continues to be a topic for arguments among Americans. Even though healthcare has always been a priority, an important part of our lives, the ACA, and its provisions are detrimental. The

Numerous large businesses that are operating today were once started as small businesses. A new business is established to create a good or service that no other businesses have ever created or simply a product of higher quality than existing products, with the purpose of meeting customers’ needs and earning profits. Due to the technological advances at the present time, starting and operating a new business is less laborious. Nevertheless, would-be entrepreneurs should be familiar with the proper approaches to start their businesses.

Small businesses are mighty minnows, reflecting the competitive spirit that a market economy needs for efficiency; they provide an outlet for entrepreneurial talents, a wider range of consumer goods and services, a check to monopoly inefficiency a source of innovation, and a seedbed for new industries; they allow an economy to be more adaptable to structural change through continuous initiatives embodying new technologies, skills, processes, or products (Ibielski 1997, p. 1).

The small business marketplace is extremely dynamic and the changes are fast. Here are some encouraging facts from the US Small Business Administration on small businesses. There are about 30 million small businesses in the United States and employ just over half of the country’s private workforce. They employ a staggering 40% of high tech workers such as computer professionals, scientists and engineers. More than half of the small businesses are home-based businesses and two percent of them are franchises. One of the most important aspects is the fact that a majority of innovations in the United States come from small businesses.

Small medium sized enterprises and small and medium sized businesses are often referred to as SMEs. These are companies whose number of employees or turnover falls underneath certain limits. The EU defines companies with fewer than 50 employees as small, and those

Whilst the effective maintenance of small business is critical to the business owner it is also essential to Australia’s economy. Connolly et al(2012), states that small business plays significant role in Australia’s economy and accounts for almost half of the implement in the private sector. It also accounts for third of production. The most basic definition of small business is recognised by Fair Work Australia as complex that includes factors such as the number of employees and the annual revenue. It also categorises small business as having a loan principle under

Small businesses are important to the U.S economy for multiple reasons. According to the U.S Small Business Administration, small businesses represents for 99.7 percent of all employer firms, have generated sixty four percent of new jobs and paid forty four percent of the total united states payroll (Brown, 2017) . Small business is an important role not just in the US economy, but they also play a major role in the growth of the individual community that they are located in. Small businesses give citizens of the community an opportunity for employment by offering jobs that the individuals may not have to have degrees or accolades to qualify for unlike jobs in larger corporations. Although small business is very important to the economy and the community, often times small

The European Commission states that “the criterion of the number of staff as the main criterion, however, introducing a financial criterion is nonetheless a necessary adjunct in order to grasp the real scale and performance of an enterprise and its position compared to its competitors” (European Commission: 2003, item 4). Figure 1.0 below is an illustration of SMEs definition by the European Commission.

The importance of small and Micro Enterprises (SMEs) in the economy of any country cannot be overlooked. In fact for nearly 15 years, most researchers dealing with economic planning have highlighted the significance of these enterprises stating that they are a key player in realizing any country’s economic goals. As such, governments as well as other organizations with interest in development are laying plans and strategies to promote the establishment of Small and Micro Enterprises. This is seen as a move to ensure that there is full participation of SMEs in the country’s economy. The Small and Micro Enterprises have been known to contribute to a large extend as a source of innovation, entrepreneurial skills as well as source of employment. For example, statistics in 25countries of the European Union show that 99% of the jobs provided to its citizens come from the micro, small and medium-sized enterprises. Rowe (2008) points out that the British economy relies heavily on the participation of SMEs. On the other hand, 99% of the UK’s economy is composed of small and micro enterprises.