Health Insurance Costs May Increase For Small Businesses In 2019
According to a recent judgment passed by a Texas federal judge, Obamacare has been declared unconstitutional. Affordable Care Act (ACA), which is also known as Obamacare, was essentially nullified when Reed O’Connor, a U.S. District Judge, in alliance with 20 other states, eliminated the penalty for not obtaining health insurance.
According to the Small Business Majority, a national advocacy group, this could potentially be bad for small businesses. However, since the case is expected to go into appeal in front of the U.S. Supreme Court, Obamacare is expected to remain fully functional for the next few years.
The Impact Of The Ruling
This ruling was passed a day before the American citizens were supposed to enroll themselves in the federal insurance exchange which was created under the ACA. According to a report by the Centers for Medicare and Medicaid Services, approximately 11.8 million American citizens had enrolled themselves in 2018 for the healthcare exchange plans.
Seema Verma, the administrator for the Medicare and Medicaid Services, is of the opinion that this ruling will have no impact on the current coverage plan or the coverage plan of 2019. However, according to Small Business Majority, this ruling can have a negative impact on entrepreneurs and small business owners.
Even though the ruling has no impact on the Affordable Care Act yet, but it has undoubtedly given rise to uncertainty among those entrepreneurs who rely on Obamacare for affordable and high-quality health insurances. Due to this uncertainty, many customers may choose to leave the marketplace which will result in the increase of prices.
Before Obamacare, small business owners had to pay 18% more as compared to the big business corporations but the ACA made health insurance affordable when it was introduced in 2010. Approximately 5.7 million self-employed individuals and employees of small businesses got themselves enrolled in healthcare programs. Due to affordable healthcare, a significant number of entrepreneurs launched their small businesses.
Obamacare Will Most Likely Survive
The Former President of America and the initiator of Obamacare, Barack Obama posted his opinion regarding this ruling on his official Facebook page. He is of the opinion that Obamacare will survive, and this ruling will not affect it negatively.
In his post, he acknowledged the deadline of getting enrolled in the healthcare program and encouraged the citizens to get their loved ones on secure health insurance. Then he acknowledged the ruling passed by the Federal Court by stating that the consequences of this ruling may seem scary because it may entirely strike down the Affordable Care Act, but he reaffirmed that the ruling would have no impact on it.
He further said that the ACA would remain effective till the final decision of this lawsuit, which may take months if not years. Obama further motivated the public to get themselves enrolled in the healthcare plan to show them that they are not going to let the opposition take away their health care. Lastly, he assured the public that the Affordable Care Act will protect their pre-existing conditions and the children can rely on their parent’s plan until the age of 26. Ending his post, he advised the public to vote carefully and to vote for the people who care about the health of the public at large.
President Trump Seems To Have Liked The News
Contrary to the opinions of Former President Barack Obama, the current President of the US Donald Trump seems to have liked the news. President Trump took his opinion to Twitter stating how happy he is that Obamacare has been declared unconstitutional according to the judgment passed by a highly respected federal judge. He also announced that the Congress will be introducing a better healthcare plan but that may be ineffective if the citizens choose not to pay for the insurance.
The fate of Obamacare now lies in the hands of the U.S. Supreme Court. No matter what, Obamacare has proved to be beneficial for small businesses and people with low income by securing their health. The public has high hopes that the ruling against ACA is repealed for the better interest of the public at large.
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