As the summer heat nears its peak, so are the interim committee meetings and summer meetings of legislative groups, particularly those involved with the implementation of our new healthcare reform package. There are many great things that will come into effect on the twenty third day of September, and a few new revelations about those have come to light in the past few days.
First on that list of benefits, the White House has announced new regulations requiring all new insurance plans to provide preventive care at no cost to the consumer. This portion of the Affordable Care Act represents a fundamental shift in insurance coverage - a new focus on prevention and wellness, and I truly believe that the best healthcare system is one that prevents disease in the first place. For those with health insurance, high copays have often lead to skipping or postponing routine tests, from HIV screening, diabetes testing, down to basic immunizations. In fact, the federal Department of Health & Human Services has estimated that Americans only use preventive services at about half the recommended rate.
Chronic diseases, such as heart disease, cancer, and diabetes are responsible for 7 of 10 deaths among Americans each year and account for 75 percent of the nation’s health spending - and often are preventable. For children, new services covered under their plans will include autism screening, vaccinations, developmental disability screening, and substance abuse assessments for adolescents, among countless others. The list of newly covered services goes on, but the key here is that these preventive care options will stop the diseases most expensive to treat before they reach new levels, thus continually reducing insurance premiums for all of us, individuals and businesses alike. More information can be found at www.healthcare.gov, or by clicking here for the direct report.
Benefits for Business
Second on the list of new information comes from a study from the consumer health organization Families USA and the Small Business Majority. This study found that nearly 89 percent of New Mexico small businesses are eligible for federal tax credits. New Mexico is a small business state, so this provision will benefit us more than other states. It means that 24,800 businesses with less than 25 employees business will qualify for credits of up to 35 percent their total healthcare costs. This is great news for employers and employees alike, as the highest credits go to those businesses with employees who make less than $25,000 a year, falling far below the poverty line. For those of you with small businesses, for-profit and non-profit alike, you can click here to estimate what you may be able to save on your next tax return with these grants.
Maybe these credits will encourage businesses that have not been able to afford coverage for their employees to now offer it. We have tried at the state level to encourage this, but failed, and currently, New Mexico has one of the worst records of businesses actually providing coverage, although many owners desperately want to do this. The full report on this health insurance tax credit program, “A Helping Hand for Small Businesses,” is available here.
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