NEW HHS Report Finds Lower Premiums for Families, Businesses Under Affordable Care Act
Posted Jan 28 2011 2:22pm
Today, Secretary of Health and Human Services Kathleen Sebelius released a report highlighting the health insurance premium and out-of-pocket savings families and businesses can receive under the “Affordable Care Act” in 2014. Between 1999-2009 premiums more than doubled by rising over $7,500 for families that get their health insurance through an employer.
The report outlines several of the provisions the “Affordable Care Act” has and will implement. Provisions already in progress include new resources for states to improve their review of proposed health insurance premium rate increases and the eligibility for small businesses to receive tax credits that covers up to 35 percent of insurance costs of their employees.
The provisions for families that will be implemented disclose the importance of State-based Health Insurance Exchanges to middle-class families and tax credits that reduce cost sharing. Small businesses will also experience significant cost savings. By 2014, small businesses on average could save up to $350 per family policy and will be eligible for tax credits up to 50 percent of premiums. All businesses will likely see lower premiums of $2,000 per family by 2019.
Partnership for Prevention’s new Leading by Example The Value of Worksite Health Promotion to Small and Medium Sized Employers publication provides real examples of successful worksite health promotion programs for small to medium sized employers. The employers highlighted in this publication have taken the initiative to reduce health care costs by increasing the health of their employees. The publication can be downloaded at http://prevent.org/Initiatives/Leading-by-Example.aspx .