Well the answer is not a political one – it is because medical insurance and healthcare costs are a significant cost to businesses, especially small businesses, and since at least part of the reform legislation has become law, entrepreneurs, executives and owners need to understand how this new law is likely to impact their business.
I received an e-newsletter from the law firm of Dorsey & Whitney LLP that contains a truly non-partisan, unemotional summary of the new law and analyses of its potential impact on everything from insurance premiums to tax credits and new programs to payroll tax rates. I suggest that you take a few minutes to read this summary and that you start thinking about how this may affect your business and what changes, if any, may be strategically important to plan for in the future.
Since many changes that will impact business don’t take effect until 2011 and beyond, management and owners should have time to properly plan for and minimize the negative impacts, if any are to occur. I recommend a thoughtful review now, not later, however because it is entirely possible, and quite likely in my opinion, that insurance companies who are impacted almost immediately, will start to make changes in policies, coverage, terms and premiums and business owners need to be well educated in order to navigate successfully through this changing environment.
Here is a link to Dorsey’s article titled ‘Health Care Reform Is Here’ – please contact me or your CFO Solutions’ consultant if you would like help modeling how this landmark legislation, and potential strategies to deal with it, may impact your business.