San Diego Regional Chamber of Commerce Study Finds Health Care Reform Act May Favor Some Business, Hurt Others
Small Businesses May See the Most Positive Impact
To help San Diego businesses understand the changes Congress' recent health care reform act will have on their companies, the San Diego Regional Chamber of Commerce is releasing a new Impact Report that shows the act largely favors San Diego's small businesses.
The chamber's "Impact Report: Health Care Reform and San Diego Business" reveals the provisions within the act may favor some San Diego small businesses, particularly those with 10 employees or less. In San Diego County, 95 percent of businesses are considered small businesses, with 50 or fewer employees.
"The Patient Protection and Affordable Care Act recently passed by Congress is a complicated piece of legislation that can have a variety of implications based on the size and industry within which the business operates," said Ruben Barrales, president and CEO of the San Diego Regional Chamber of Commerce. "The Impact Report will help San Diego businesses understand how the implications of this act will affect their business and how they can plan for these changes."
Some small businesses and individuals may benefit from the reform, some may notice little immediate change in how they handle employee care or may even see negative impacts. The provisions largely favor smaller enterprises, especially those with less than 10 employees. Impacts may also be more pronounced in certain industries, where benefit packages can be used to attract and retain top talent.
Larger companies will be subject to more penalties than incentives under the new act. The penalties for companies who employ 50 or more employees are compiled based on a complicated system that takes into account the number of full-time employees, the average annual wage of the company's workforce, and how much of the premium the firm will cover.
In addition to looking at the expected impact on the San Diego business community, the report also covers:
- An overview of the health care reform legislation
- The tax credit available to small businesses
- Benefits vs. penalties
- The impacts of statewide health insurance exchanges
- Subsidized care for individuals
For a more detailed analysis of the findings, e-mail Lisa Gesner, Communications Manager at email@example.com or call (619) 544-1381 For more details on the chamber's educational events, policy forums and seminars, please visit www.sdchamber.org.
The San Diego Regional Chamber of Commerce is a nonprofit membership organization, which helps provide a voice for San Diego businesses through advocacy, member-to-member connections and professional development. Representing more than 400,000 chamber members' employees, the chamber is committed to organizing the business community to help make San Diego a better place to do business. For more information on the chamber, please visit www.sdchamber.org, or call (619) 544-1300