While the economy is slowly rebounding and unemployment rates are beginning to turn around, the impending health care changes could stifle business growth. The Affordable Care Act (ACA) – otherwise known as ObamaCare — has stringent requirements for employers that could potentially lead to a downturn in the market.
According to Rob Wilson, President of Employco USA – http://www.employco.com — a human resource outsourcing company, small firms may have the biggest concerns when it comes to balancing business growth with new hires.
“Companies hovering at or around the 50 employee mark will hurt the most,” says Wilson. “They may be forced to reconsider their model and either drop coverage and pay a hefty fine or reduce employee hours to skirt new requirements.”
Wilson adds that some businesses may not be able to expand their company as they won’t be able to afford the new health care price tag. “Inevitably, this may trickle down and affect the economy as a whole,” says Wilson. “Rather than see the market turn around, we may end up with a stunted recovery.”
What are YOUR thoughts on this controversial topic? Do you think Wilson is right? Or do you think ObamaCare will do what some say it will – making health care coverage more affordable and accessible for more Americans? All comments are welcome!