Bill Would Help Stabilize Health Insurance Costs for Self-Employed
Washington, D.C., February 9, 2009 – The National Association for the Self-Employed (NASE) commends the introduction of the Small Business “Cooperative for Healthcare Options to Improve Coverage for Employees Act of 2009” (Small Business “CHOICE” Act). The bi-partisan health care legislation would increase access to comprehensive health insurance and help alleviate the instability of insurance premium costs. “As Ranking Member of the Small Business Committee, I have seen firsthand the need for this bill. The bill tackles two of the most significant challenges facing small employers – the high cost of providing comprehensive health insurance and the volatility of insurance premiums,” said Rep. Sam Graves (R-MO). The “CHOICE” Act would allow small businesses to form health insurance cooperatives governed by state laws. These cooperatives, similar to risk pools, would provide insurance against high-cost claims. The bill also offers a refundable tax credit to small businesses that choose to join a cooperative. The tax credit would cover 65 percent of the cost of insurance for small businesses with fewer than 100 employees that also offered a small business wellness program consisting of lifestyle management and wellness tools. The bill would also help self-employed individuals save up to $5,000 per year on health coverage costs “The NASE strongly supports the CHOICE Act of 2008,” said Kristie Darien, executive director of the National Association for the Self-Employed’s legislative office. “We believe that this bill would help alleviate the massive financial burden that the current health care system places on micro-business.” According to a 2008 NASE study, the percentage of micro-business owners who offer a plan that covers all or some of their full-time employees dropped significantly, from 46.2% in 2005 to only 18.6% in 2008. Three-quarters of micro-business owners also report that they have seen the cost of health coverage increase by an average of 14.7% over the past 12 months.
About the NASE The National Association for the Self-Employed (NASE) is the nation's leading resource for the self-employed and micro-businesses, bringing a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy. The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's Web site at www.NASE.org.
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Courtesy of NASE.org https://www.nase.org/about-us/media-relations/PressReleases/2009/02/09/NASE_Supports_Introduction_Of_Small_Business_CHOICE_Act_Of_2009