By Sarah Davasher-Wisdom, GLI Chief Operating Officer
LOUISVILLE, Ky. (WAVE) - Right now, addressing one policy issue can immediately help protect consumers and employers - the delay of the health insurance tax.
Without swift action by Congress before the year ends, health insurance premiums are projected to skyrocket as a result of the health insurance tax going into effect, directly raising the cost of health insurance premiums for small businesses, self-employed people, families, and senior citizens on Medicare Advantage plans.
Congress has successfully delayed its implementation on several occasions - with bipartisan support—and for good reason. The health insurance tax has a projected price tag of about $15 billion nationwide and would cost on average $500 per employee.
Health care is already a massive expense for businesses - especially small businesses. This tax would drive up costs even more.
One way to address these concerns is for Congress to take immediate action and prevent the return of the health insurance tax, through appropriate legislation that will become law before the end of the year.
GLI urges the region’s senators - Mitch McConnell, Rand Paul, Todd Young, and Mike Braun, in addition to regional house members - John Yarmuth, Brett Guthrie, Thomas Massie, and Trey Hollingsworth - to lead the way in extending the health insurance tax suspension for another year. This is a pro-business, pro-growth, pro-people change that Congress can deliver with support from both Republicans and Democrats.