How Will “Trumpcare” Affect Your Small Business

 

Repealing and replacing the Affordable Care Act healthcare insurance American election button with words Trump and ObamaCare crossed out isolated over white 3D Illustration

There has been alot of discussion in Congress about healthcare and the fate of the Affordable Care Act (ACA) or as it is also called Obamacare. Regardless of how you think healthcare insurance should be bought or provided in this country, all the indications are that the proposed new American Health Care Act (AHCA) or now as it is known as “Trumpcare” will be worse for small business owners.

When Obamacare begin about seven years ago, it allowed aspiring entrepreneurs to leave their companies where they had great insurance and start their own business. It gave them freedom of workplace choice.

I remember when the Supreme Court ruled that Obamacare would stand, my wife quit her job the next day and began her full time pursuit of being a yoga and dance fitness instructor. For many like her, they were no longer tied to their current employer because of the need to get family health insurance.  It also leveled the playing field when searching for the best employees where large companies always had the advantage of offering better health insurance to them at a much lower price.

Small businesses with over 50 employees did not like the mandate in Obamacare that required them to offer health insurance starting in 2016. This requirement and its effect on small business was blown out of proportion since over 97% of the 28 million small businesses in the US have less than 50 employees. Therefore, this requirement did not affect the vast majority of small companies and did alot of good for the rest of them.

Some proponents of AHCA or Trumpcare have said is that the lower taxes on the wealthy after Obamacare is repealed will spurn investment in small business. I am doubtful of this claim and do not think it makes up for the other losses to small business owners.

Now Obamacare was not perfect. Certainly the rates were too high and rapid growing in recent years. But, I fear that going backward with the Trumpcare will mean less entrepreneurs and small businesses in this country.

 

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