Each year the cost of health insurance increases, placing a huge strain on the American public, who are forced to choose between paying astronomical insurance premiums or facing financial ruin if someone in the family becomes ill.
It’s hard enough for employees of large companies to pay their portion of the premiums. Small businesses, who don’t qualify for the cost advantages of large group rates, are unfairly burdened. As a result, many small businesses and self employed professionals must drop their health insurance altogether or close their doors.
President Obama has proposed a public health insurance option which (according to a recent study) would allow people to receive high-quality insurance with a choice of doctors, and save up to 30% as compared to premiums offered by private plans.
I understand the financial hardships that health insurance premiums have caused for small businesses already struggling to stay alive in this economy. A choice like this will help level out the playing field by providing some well needed competition for the private health insurance companies, resulting in reduced costs for private insurance customers as well.
The plan is somewhat controversial, with critics claiming that it may put the private health insurance companies out of business…not sure I believe that. I’m intrigued by the possibilities and think that a little healthy competition aint bad. It’s a proposal well worth looking into.
How is the cost of health insurance affecting you?
Susan Martin, Small Business Financial Management
