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Small business owners may be experiencing sticker shock now that insurers are revealing the rates they want to charge under the new health care law. Some insurers are requesting premium increases of up to 14% for small business coverage when the Affordable Care Act is becomes fully effective on January 1st.
"The last insurance company that we talked to told me it's actually going to be more expensive than it was in the past," says Peggy Farabaugh, CEO of Vermont Woods Studios, a furniture retailer in Vernon, Vt. Vermont is the first state where premium requests were filed.
Filings such as these do give employers a good sense of what the premiums may be like. It is hard to think in exact numbers, it is more like a range of what it could be. There are many steps that remain in the rate-setting process. People that are in the insurance field do not have the answers.
To get more information or read more visit: http://www.sfgate.com/business/article/Businesses-may-get-sticker-shock-on-health-care-4480391.php