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Friday, October 30, 2009

Under House Bill Small Business Premiums Will Increase

In a new report on the impact of health care reform on premium costs, WellPoint found that legislation with provisions similar to those unveiled by House Speaker Nancy Pelosi on October 29 will increase costs for small business owners and the self-employed.

The insurance company found that in the fourteen states where it runs Blue Cross plans, premiums would rise – in some states triple – and young and health consumers would experience the biggest increases.

In Virginia, for example, small employers with a young and healthy workforce would see an 88% increase in premiums, and those with average age and health a 25% increase.

Individual policy holders in Virginia get hit too. Younger and healthier individuals would see a 175% increase; those of average age and health a 96% increase; and older/less healthy individuals a 3% increase.

SBE Council has asserted all along that neither House nor Senate legislation will lower costs for small business owners. The bills are chock full of mandates and requirements (along with taxes and penalties) that will only impose new cost burdens on our nation’s job creators.

Karen Kerrigan, President & CEO

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