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Healthcare Experts Warn: Prepare for Rising Costs

The health insurance tax (HIT) on small business is looming. While many small business owners assume they have plenty of time to better understand the Patient Protection and Affordable Care Act (PPACA), a recent article in Entrepreneur disagreed. Set to go into effect in just more than 200 days, time is running out to stop this onerous tax before healthcare costs surge.

With open enrollment beginning Oct. 1, the article noted that small businesses need to prepare for a number of different scenarios, including rising healthcare costs. Aetna CEO Mark Bertolini emphasized this point, indicating that premiums could double for small businesses next year.

Part of this cost increase can be attributed to the HIT. By the end of next year, approximately 1.7 million small businesses will be paying for the $8 billion HIT, and over the next 10 years, they will pay approximately $101.7 billion unless a change is made.

Although the window of opportunity to remedy this burdensome tax on small business is closing, there is still time to take action. Current bills in both the House and the Senate would repeal the HIT, but we need more cosponsors. Contact your Member of Congress now to encourage them to support small businesses by signing on to H.R. 763 or S. 603.

The Countdown to the HIT has begun. The premium increase will cost families about $500 per year, which is something many cannot afford. To learn more about this issue and see exactly how much time is left before the HIT hurts small businesses, visit our homepage. Join our efforts today to ensure your business isn’t HIT.