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Survey: Small Businesses More Likely To Cover Employees, Thanks To New Healthcare Law

The Small Business Majority commissioned a national survey of 619 small business owners from Nov. 17-22, 2010, to gauge how entrepreneurs view two critical components of the Patient Protection and Affordable Care Act: healthcare tax credits and insurance exchanges. It found that both the small business tax credit (a provision allowing businesses with fewer than 25 employees that have average annual wages under $50,000 to get a tax credit of up to 35% of their health insurance costs beginning in tax year 2010) and the insurance exchanges (online marketplaces where small businesses and individuals can band together to purchase insurance starting in 2014) make small business owners more likely to provide healthcare coverage for their employees.

The key findings of the survey include:

One-third (33%) of employers who don’t offer health insurance said they would be more likely to do so because of the small business tax credits.

31% of respondents —including 40% of businesses with 3-9 employees—who currently offer insurance said the tax credits will make them more likely to continue providing insurance.

One-third (33%) of respondents who currently do not offer insurance said the exchange would make them more likely to do so.

The same is true for those who already offer insurance, with 31% responding that the exchange would make them more likely to do so.

However, most respondents are not familiar with the exchange or the tax credits; only 31% of respondents are familiar with the exchange and 43% are familiar with the tax credits.

Owing to this last finding, SC Healthcare Voices urges you to spread the word about the new law’s benefits.

Get the full report here.