 Dear Friends,
The Oak Cliff Chamber of Commerce continues to be one of the top organizations in North Texas for promoting businesses and its area. We provide great networking and marketing opportunities for our members. We are incredibly active in promoting issues that will have a positive impact on Oak Cliff such as the Trinity River, streetcars, UNT Dallas and more. Additionally, we continue to educate our members with seminars and programs that highlight best industry practices and how new rules and laws will impact our members.
For instance, at the Chamber's recent Legislative Affairs Committee meeting, the program was devoted to the impact that the Patient Protection and Affordable Care Ace (the ACA) is having, and will have, on small businesses. It was a very enlightening presentation that I want to summarize for our members and I hope this summary will dispel some myths and help you navigate the ACA.
Affordable Care Act
Under The ACA, there is an "Employer Mandate" that requires large employers to provide insurance to their employees. However, the act has an exemption for employers of less than 50 full-time employees, such that most small businesses will not be required to provide health insurance for their employees.
Our recent program also discussed three other issues of importance to small business:- Right now, small employers (those employing less than 25 employees) qualify for tax credits if they provide insurance coverage for their employees. This credit can amount to 35% of the premiums paid by the employer.
- Beginning in 2014, there will be a health insurance exchange for small business owners to shop for group health insurance. This exchange is an online marketplace which will allow small business owners to compare price and benefits of group insurance plans offered by insurers in Texas. The ACA provides for "minimum essential benefits" to be included in each health plan offered in the exchange. Further, there are 4 "tiers" of plans (named bronze, silver, gold and platinum), the premium cost of each tier being based on the actuarial cost of coverage for that tier.
- Insurers are required to spend at least 80% of your premium dollar on medical care (known as the Medical Loss Ration or MLR). This requirement means better value for the premium paid by small business.
The United States spends more money on healthcare than most countries that have a Western-style healthcare system but it ranks very poorly in health outcomes. The ACA attempts to rectify this situation by providing insurance coverage to almost 27 million uninsured. The Act is very complicated but there are provisions that do not affect small business owners and there are some that can be beneficial to small business owners. The Oak Cliff Chamber will continue to follow this important issue. Future Programs and Initiatives For more information on issues that will impact your business and our community, please watch for our email announcements. There are upcoming programs that cover a large array of subjects (how to optimize your website, economic trends impacting Oak Cliff, networking techniques, & major construction projects, to name just a few). In addition, we have a delegation of members going to Austin to speak with the legislature about law changes that will help the positive growth we are seeing in Oak Cliff and we will also be hosting debates in the upcoming school board and city council races. If you want to know more or would like to get involved, please contact our staff at (214) 943-4567. There is always a place for you at the Chamber.
Regards,
Scott Chase, Lawyer 2013 Board of Directors Chair |
