CNN Money | Jose Pagliery The Supreme Court is due to release their decision regarding the constitutionality of the 2010 Affordable Care Act before the end of the month; possibly within the next few days. How this impacts Atlanta small businesses is of no small concern. There are three main outcomes that the Court could make. Health Care Reform could be:
- Upheld Entirely
- Struck Down Entirely
- Partially Upheld or Stricken
Potential Impact on Atlanta Small Businesses
If the Court proceeds with Option #3 – the 906-page law could be be even more confusing and complicated for everyone involved. CNN Money’s Jose Pagliery outlines some of the implications that could potentially impact Atlanta small businesses including:
- Fines: Starting in 2014, the law requires any company with at least 50 full-time employees to provide insurance or pay fines. The size of the penalty depends on a formula in the law.
If one or more workers turns to the government for help buying insurance, the company will be assessed a penalty of at least $40,000, depending on the size of its workforce.
- Individual Mandate: This is perhaps the most controversial part of the law before the court. It forces every person to purchase some sort of health insurance by 2014 or pay a penalty.
The mandate counter balances another provision, one that forces insurers to take on people with pre-existing conditions. The idea of the mandate is to force healthy people who otherwise might not get insurance to join the pool of the insured, thus diluting the cost of health care.
The Affordable Care Act is one of the most significant pieces of legislation in our nation’s history. How do you feel about it? What impact do you think it will have Atlanta small businesses. We’d like to hear from you.