Rick Thornton, a Corpus Christi health insurance agent, said that small businesses aren’t required by law to provide health insurance to employees, and rising premiums could lead them to drop coverage altogether.
Corpus Christi health insurance and the subsidies offered to consumers by the Inflation Reduction Act has been a godsend to millions of Americans who were previously uninsured or underinsured. But those same benefits and offsets have yet to reach the millions of small businesses that provide critical healthcare to their employees, forcing some to consider dropping the coverage they offer if things don’t change by next year. According to several published reports, small businesses may face premium increases ranging from 10 to 20% moving forward. This would mean millions of Americans who are employed would miss out on critical healthcare coverage through their employers.
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This could dramatically impact individuals with health insurance in Corpus Christi. While recent provisions in the Inflation Reduction Act provided additional subsidies for individuals to offset the increased cost of premiums, no such support reached the millions of small businesses that currently offer healthcare to employees. This creates a situation where small businesses have to negotiate with healthcare providers directly. Even if they don’t win those negotiations, there is no law that requires them to provide health insurance if something positive doesn’t happen.
Rick Thornton, a Corpus Christi health insurance agent , said it would be a dramatic turn of events should small businesses nationwide slowly drop coverage for their employees. Things have been going so well over the past few years with the current administration’s push to provide better and more affordable healthcare to individuals and their families. The fact remains, however, that small businesses aren’t receiving the same benefits and may be forced to deny coverage entirely. Thornton pointed to one article by the Wall Street Journal where one small business owner said he simply had to eat some of the cost, passing the rest onto employees for fear of dropping benefits in a tight labor market.
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