You’re struggling to understand healthcare costs and coverage for your employees in light of Bidencare.
You know that providing your employees with health insurance is the right thing to do, but trying to figure out all the details makes your head spin.
There is a lot on the line when it comes to understanding how Bidencare for business works, including:
- The financial risk of your business
- How to comply to avoid fees; and
- Ensuring employees and their families have coverage
In this article, we’ll take a look at Bidencare for businesses, and how it can help you give your employees the coverage they need at a price you can afford.
Table of Contents
What Is Bidencare?
Bidencare, also known officially as the Affordable Care Act Revised, is a set of proposed changes to the existing Affordable Care Act (ACA).
It was commonly referred to as Obamacare, but has now been rebranded as Bidencare.
Bidencare is known by a variety of other names, depending on who you are talking to, and you may also hear it referred to as the national health care plan.
In the past, the ACA has been credited with increasing the number of Americans with health insurance and reducing the cost of healthcare. However, it has also been criticized for leaving many people still uninsured or underinsured, and for not doing enough to control rising healthcare costs.
Bidencare is intended to address these shortcomings and make the ACA work better for Americans by ensuring that 97% of individuals have access to quality, affordable health-care.
The main goals of Bidencare are to:
- Make health insurance more affordable and accessible for all Americans
- Reduce the cost of healthcare; and
- Improve the quality of care
Bidencare also keeps the ACA’s protections for people with pre-existing conditions and allows young adults to stay on their parents’ health insurance plans until they turn 26.
In addition to its main goals, Bidencare was created with the following provisions:
- Expand Medicaid coverage to all low-income adults
- Increase subsidies to help people buy private health insurance, and
- Create a new public Medicare-like health insurance option
One of the biggest impacts of Bidencare is the burden of new taxes on wealthy Americans and some businesses to help pay for the expanded coverage.
If you are concerned about how Bidencare may or may not impact your business, it can be daunting to try to figure it all out alone.
Schedule a call with Nevada Benefits, so we can discuss how Bidencare affects healthcare for your business.
6 Things To Understand About Bidencare and How It Could Impact Your Business
There’s been a lot of talk about Bidencare lately — especially on how it could impact businesses.
For example, are there different provisions for small businesses vs. large corporations?
It’s important to know if Bidencare will affect how you provide coverage for yourself and your employees before making decisions for open enrollment.
Here are six things you should know about the potential new healthcare plan and how it could impact your business.
#1: Bidencare Expands Coverage
Biden’s plan would expand coverage in two ways:
- Making Medicare available to all Americans; and
- Providingsubsidies to help pay for insurance
How does expanded coverage affect business?
Bidencare would cap how much people could be charged for their premiums and lower (or even eliminate) deductibles and out-of-pocket costs.
In turn, businesses may find themselves paying less for employees’ health care.
#2: Bidencare Makes Health Care Less Complicated
Overall, Bidencare makes health care less complicated by:
- Eliminating surprise billing from out-of-network services
- Dismantling the monopoly in healthcare that drives up the costs of services; and
- Supporting the work of those working in healthcare, such as nurses
How does simplified healthcare affect businesses?
Business owners no longer have to worry about the monopoly of power in healthcare.
The Biden Administration has promised to address these issues because it’s what they believe is driving up consumer prices in health care for businesses.
#3: Bidencare Includes Drug Reform
The Bidencare plan includes several provisions that would lower the cost of prescription drugs for consumers and businesses.
How does drug reform affect businesses?
The most significant provision is a change to how Medicare pays for prescription drugs, which can cause savings for businesses that provide health insurance to their employees.
Other provisions include:
- Increasing rebates for drug manufacturers
- Increasing transparency around drug pricing; and
- Requiring pharmaceutical companies to provide discounts to consumers
Overall, these provisions are intended to lower the cost of prescription drugs for businesses and consumers.
#4: Bidencare Expands Healthcare Rights
Businesses need to understand that Bidencare expands healthcare rights to all individuals in the U.S., especially women and people of color.
For example, Bidencare includes:
- Access to contraceptives and abortion rights for women
- Reform of high mortality rates among people of color during pregnancy and childbirth
- Protection of all individuals, regardless of identity, gender, or sexual orientation
- Investment in higher quality of care for underserved populations through community health centers; and
- Funds to expand access to mental health services and education to eliminate the stigma of mental health
How do expanded healthcare rights affect businesses?
With healthcare becoming accessible and expanding to underrepresented populations, it may increase the cost of healthcare in some ways.
Also, business owners may not allow their personal preferences to trump the rights of others when providing coverage for employees.
#5: Bidencare Eliminates Long-Term Capital Gains Tax
The elimination of the long-term capital gains tax is one of the key provisions in Bidencare.
Long-term capital gains tax is a tax on profits from the sale of assets that have been held for over one year, which includes:
- Stocks
- Bonds; and
- Real estate
The current long-term capital gains tax rate is 20%.
Under Bidencare, the long-term capital gains tax would be eliminated for assets held for more than two years.
How does the elimination of long-term gains tax affect businesses?
This change would give businesses a much-needed incentive to invest in long-term growth projects.
It would also free up capital to create jobs and increase wages.
Overall, the elimination of the long-term capital gains tax could be a positive step for businesses and the economy.
Let Nevada Benefits Take the Stress Out of Sorting Through Bidencare for Your Business
If you’ve been following the news and updates on Bidencare closely, you know there are many details to sort through as you navigate healthcare for your business.
If you …
- Don’t have time to figure out how Bidencare works
- Are still confused about how Bidencare could affect your business; or
- Want peace of mind knowing you’re making the best decision for your company
… give us a call at Nevada Benefits.
We’ll help you understand how Bidencare could impact your business and make sure you’re getting the most out of your benefits.
Don’t stress about Bidencare for businesses.
Let the professionals at Nevada Benefits take care of it for you.