Small businesses: No insurance panic

The open enrollment period for health insurance is approaching and small business owners are thinking about next year’s plans – but with recent rumblings about the Affordable Care Act, employers may be worried about their options. Luckily, California’s small business owners can rest assured that the ACA is working for them.

Critics have noted individual market plan rates are rising due to a variety of factors. However, according to California’s small-business exchange, Covered California for Small Business (CCSB), rate increases this year for employer-based plans through CCSB are only 5.9 percent, compared to 7.2 percent last year.

Businesses with 100 or fewer employees are eligible to receive the same benefits – like tax credits and employee choice, which means employees can choose between different coverage options.

What’s more, the nation’s uninsured rate is the lowest since the recession; last year alone, 4 million Americans got coverage. When more people are insured, there are fewer unpaid emergency costs to pass onto consumers, creating rate stability.

Health insurance marketplaces have hit challenges, but California’s small business owners shouldn’t panic. Rates are stabilizing, and small businesses have more options than ever. If employers plan ahead, they should have plenty of coverage options for 2017.

This story was originally published October 20, 2016 at 3:53 PM with the headline "Small businesses: No insurance panic."