Health Insurance Plans For Small Businesses
Under the proposed health care plan, how much would it cost a small business to buy health insurance…?
…for each employee?
Also, what about the health insurance of that employer’s family?
How much money would that roughly add up to in a year?
Please cite a source.
Thank you.
the Lewin Group estimated the cost of the average family policy after HR 3200 takes effect as $4,000 a year HIGHER than today. since today’s figure is about $15,000 per family [investors.com], that means that family coverage will likely cost a small business $19,000 per worker per year.
Individual coverage is likely to be about 40% of that figure [same as today], so that’s $7,600 per worker per year.
If we assume that the proportion in each group is the same as in the general population of adults under age 65, the average cost per employee to an employer seems likely to be on the order of $13,000 a year [50% on the family plan and 50% not -- one of the two parents has to include the kids].
***
Naturally, HR 3200 sets the maximum tax on an employer who doesn’t offer health insurance at 8% of salaries. since 13,000 divided by 8% is 162,500 a year total income — it would be cheaper for employers to dump employees as long as their average employee income is below 162k a year.
or, in other words, virtually all employers will have good financial reason to dump health insurance completely and simply pay the 8% tax.
With 17% of the economy being health care, even though seniors use far more care than younger people, it seems that the tax hasn’t a prayer of covering the costs
[employee compensation is only about 75% of GDP, so the ratio of health care cost to wages is about 22.65% -- even if of half total health care spending is seniors, 11.35% cost can't be covered by an 8% tax.]
small-business-group-health-insurance.mp4
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