White House to Unveil New Health Insurance Option for Small Businesses
Small businesses are very common amongst the Black community and justifiably so, as many talents run deep within the community. However, a good health plan seems to always fall by the wayside.
Opportunely, a plan to allow small businesses to use tax-free accounts to provide health coverage for employees is underway by the Trump administration. It would expand health reimbursement arrangements (HRAs) so workers could buy their own individual health coverage, the Associated Press reported.
The accounts could also be paired with workplace health plans to help workers obtain other benefits such as dental care. Critics say the plan will enable employers to find ways to move workers with high health care costs from their business policies to individual insurance, the AP reported.
The plan includes protections for workers, according to administration officials. The Trump administration is rolling out new options for small employers to use tax-free accounts for providing health coverage to workers, officials said. The idea is to expand so-called “health reimbursement arrangements” to allow employees to buy their own individual health insurance policies.
Employers could also pair the accounts with