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Health Care Reform: Giving Small Businesses a Leg Up

Health Care Reform: Giving Small Businesses a Leg to Stand On

After a long and often contentious debate, health care reform legislation was passed into law March 23, 2010. The passage of this legislation heralds a new era for small business. For years, small companies have paid 18% more than larger companies for the same employee health care coverage, according to the Small Business Administration. This legislation will help level the playing field, and it is hoped, give a boost to the overall economy. Small businesses will now be able to offer affordable health care insurance to their employees because of the following benefits.

Small business tax credits. This credit is available immediately for small nonprofit and for-profit businesses. It can cover up to 35% of premiums that small businesses pay for employees’ health insurance. By 2014, the rate increases to 50% for two years, which the Congressional Budget Office (CBO) says could save small businesses $40 billion over the next decade.

Health insurance exchanges. To alleviate high administrative costs and give small businesses more bargaining power, health insurance exchanges can offer more choices and lower prices to companies with 100 or fewer employees. Starting in 2014, these businesses can purchase insurance through an exchange. According to the CBO, exchanges offer small businesses the leverage to negotiate lower premiums for employee health care, a luxury formerly available only to large firms.

An end to price discrimination beginning in 2014. Health care reform eliminates the practice of charging penalties for individuals with pre-existing conditions. In addition, insurance companies will no longer be able to charge higher premiums to small companies if an employee becomes sick or is faced with an ongoing health condition.

Health care security helps promote entrepreneurship. Assuring affordable coverage for all Americans empowers smaller firms to compete for the best workers. More individuals may also feel free to start businesses knowing the benefits they could offer would rival those of larger companies, thus attracting more talented workers.

Reduced hidden tax on small business health insurance. With insurance coverage for 32 million uninsured Americans by 2019, the hidden cost of treating uninsured individuals will be reduced. Nearly $1,000 for hidden costs will be eliminated from each health care premium, according to a White House fact sheet at www.whitehouse.gov.*

Lower premiums for small businesses. The sum total of the measures outlined here will give small business owners an affordable means to offer health care benefits to employees. According to CBO, health reform will reduce the cost of a given plan in the small group market by 1% to 4% by 2016.

For more information about how health care reform helps small business, visit www.healthcare.gov or www.whitehouse.gov/healthreform/small-business.*

 

* Websites provided for information only. No endorsement is implied.

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    Muncie, Indiana – MutualFirst Financial, Inc....

    Monday, February 23, 2015

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Proactive Steps to Take in Light of Anthem Data Breach

Chances are you are a person who has Anthem insurance coverage or you know someone who does. As a result, either you or your friend has a reason to be concerned.

A typical data breach includes a compromise of debit card numbers or partial personal identifying information. This kind of breach, though inconvenient, can typically be ‘fixed’. An initial investigation indicates that the Anthem breach includes a compromise of name, birthday and/or social security number. This kind of information is all one needs to steal someone’s identity.

According to Anthem this particular breach could affect up to 80 million people. Instead of trying to ignore this has happened or just being upset, it’s now time for you to be educated and try to protect yourself as best as you can. We have some tips that will help you accomplish that.


1. Review Your Statements


First, take a moment each month to view your eStatement or monthly statement. You can monitor your accounts throughout the month with Online Banking and the MutualBank App. Monitoring your accounts will give you the quickest opportunity to see if your accounts have been compromised. If you notice any transactions that are unfamiliar or questionable, please get in touch with your MutualBanker. Call us at 800-382-8031.


2. Be Cautious with Any Anthem Emails You Receive


Next, if you receive an email stating it is from Anthem, be cautious. Anthem’s website warns customers not to reply with information, click any links or open any attachments within the email. Anthem is not calling their customers and will not ask for information. Never give your credit card information, social security number, or other sensitive information to someone via email or over the phone.


3. Consider Freezing Your Credit


If you are a resident in Indiana, the Attorney General’s office website (http://www.in.gov/attorneygeneral/2853.htm) is offering and encouraging you to sign up for a free credit freeze with each of the three credit bureaus. A credit freeze places a hold on your credit where a new line of credit could not be obtained without you unfreezing your credit. This doesn’t affect already open credit lines like an existing credit card, yet helps to protect you against someone opening new lines of credit in your name.


4. Keep in the Know


Finally, try to keep in the loop on the Anthem Breach. The best source for current information about this breach can be found at Anthem’s Frequently Asked Questions. (http://www.anthemfacts.com/faq)

MutualBank is here to help inform you of ways to help protect against identity theft. Thank you for trusting us.

Sunday, February 15, 2015

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Health Care Reform: Giving Small Businesses a Leg Up

Health Care Reform: Giving Small Businesses a Leg to Stand On

After a long and often contentious debate, health care reform legislation was passed into law March 23, 2010. The passage of this legislation heralds a new era for small business. For years, small companies have paid 18% more than larger companies for the same employee health care coverage, according to the Small Business Administration. This legislation will help level the playing field, and it is hoped, give a boost to the overall economy. Small businesses will now be able to offer affordable health care insurance to their employees because of the following benefits.

Small business tax credits. This credit is available immediately for small nonprofit and for-profit businesses. It can cover up to 35% of premiums that small businesses pay for employees’ health insurance. By 2014, the rate increases to 50% for two years, which the Congressional Budget Office (CBO) says could save small businesses $40 billion over the next decade.

Health insurance exchanges. To alleviate high administrative costs and give small businesses more bargaining power, health insurance exchanges can offer more choices and lower prices to companies with 100 or fewer employees. Starting in 2014, these businesses can purchase insurance through an exchange. According to the CBO, exchanges offer small businesses the leverage to negotiate lower premiums for employee health care, a luxury formerly available only to large firms.

An end to price discrimination beginning in 2014. Health care reform eliminates the practice of charging penalties for individuals with pre-existing conditions. In addition, insurance companies will no longer be able to charge higher premiums to small companies if an employee becomes sick or is faced with an ongoing health condition.

Health care security helps promote entrepreneurship. Assuring affordable coverage for all Americans empowers smaller firms to compete for the best workers. More individuals may also feel free to start businesses knowing the benefits they could offer would rival those of larger companies, thus attracting more talented workers.

Reduced hidden tax on small business health insurance. With insurance coverage for 32 million uninsured Americans by 2019, the hidden cost of treating uninsured individuals will be reduced. Nearly $1,000 for hidden costs will be eliminated from each health care premium, according to a White House fact sheet at www.whitehouse.gov.*

Lower premiums for small businesses. The sum total of the measures outlined here will give small business owners an affordable means to offer health care benefits to employees. According to CBO, health reform will reduce the cost of a given plan in the small group market by 1% to 4% by 2016.

For more information about how health care reform helps small business, visit www.healthcare.gov or www.whitehouse.gov/healthreform/small-business.*

 

* Websites provided for information only. No endorsement is implied.

Contact a Representative Today

Back to Education Resources

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