As Hurricane Sandy aka “Frankenstorm” approaches the East Coast the federal government decides to shut down. These men are not shutting down and if only our leaders had an ounce of resolve demonstrated by these soldiers they would make the tough decisions and address this country’s fiscal problems.
The special election edition of America’s Healthcare Challenge was designed to provide undecided voters with the appropriate information they need to know about the Affordable Care Act and its impact on the economy, healthcare providers and state governments. It is also one of the only laws in America aside from Medicare and Medicaid that will impact all of us.
Several scenarios were developed to show how small businesses will be impacted by added compliance. Large employers will have serious questions as rising healthcare costs squeeze their bottom lines. Healthcare providers face reimbursement challenges and added compliance requirements which may require upfront capital investment. State governments are required to design and run health insurance exchanges which are highly complex and quite expensive.
Governor Mitt Romney has promised to repeal the healthcare law commonly referred to as Obamacare on day one. This will be a challenging task particularly if republicans cannot secure 60 votes in the Senate. What people do not realize is the ACA is law and has been for quite some time. You cannot wave a magic wand to change these things. It takes time and is even more sticky because of all of the authority delegated to the executive branch how the health reform law was passed.
President Obama and his administration are in a holding pattern with regulations until after the election. Expect a rocky next couple of years and if you are a business owner it is paramount you begin preparing yourself right now. The fiscal cliff is an important issue you should educate yourself on because it will be a key economic indicator and I would suggest brushing up on health insurance exchanges.
Another step that costs nothing is beginning to educate yourself on this law and you can do this by listening to the latest version of America’s Healthcare Challenge with Sean McGuire. The podcast can be found by clicking here.