How the Affordable Care Act will affect Businesses
Michael Hirsch
As a result of the passage of the Affordable Care Act (ACA), there are many new rules for businesses to follow, which in turn, creates additional costs, including attorney costs in an effort to comply with the law. This entire law has placed a new burden on businesses and consumers to make sure they are compliant. Will small and large businesses benefit from the ACA? Or will it naturally create new innovation within the Healthcare Industry to help keep costs down and skirt the laws of the Affordable Care Act (ACA)? Are the ACA fees excessive? Should it be the responsibility of businesses to pick up part of the tab to make the ACA work? Will businesses think more creatively with how they handle health insurance or will they stop offering health insurance and force their employees to purchase policies from the exchanges?
Many large businesses were in opposition to the proposed bill back in 2009. It had zero Republican support. Since the Democrats who crafted the law had control over the senate and the house it appeared to be a no brainer to get this bill passed and signed into law. Ted Kennedy, a proponent of the legislation was a senator from the liberal state of Massachusetts. He also represented the 60th senate vote to help the bill become law. Massachusetts already had a universal health system in its state created by Governor of Massachusetts, Mitt Romney (R) and the democrat led congress in 2006. Ted Kennedy was getting very sick at the time of this national healthcare debate and eventually passed away. The critical 60th senate seat was up for grabs, however, remember we are dealing with one of the most liberal states in the country, Massachusetts. Massachusetts did at the time oppose the healthcare law, according to the majority of polls. The spotlight came on Scott Brown, GOP candidate looking to fill the open senate seat, ultimately looking to “kill” the Healthcare...