In a sweeping bipartisan vote (87-12) the Senate has repealed the 1099 provision in the health care reform law. This portion of the health care reform law would have required businesses to file a Form 1099 for every vendor it pays more than $600 in a year for goods or services. As you can imagine this could have caused an enormous burden on small businesses to comply with the new filing requirements. Although it still needs to be signed or vetoed by the President the consensus is that the President will sign the bill. What is important to take notice of here is how long it took the government to repeal this one portion of the bill. Although this bill had a tremendous amount of support it still took a number of votes and almost a year to get this done. This is a clear indication that health care reform and the new law will continue to be a major topic of discussion and debate for years to come. Below are a few links regarding the recent vote on the 1099 provision.
In a recent ranking released by the Small Business and Entrepreneurship Council they listed Connecticut as having some of the most expensive health care cost in the country. The high cost in our state was mainly due to the large number of coverage mandates that our State law requires.
Businesses in Connecticut need to be aware of insurance coverage mandates and pay close attention to them before they are voted into law as they almost always cause and increase in cost. We are seeing this happen at the Federal level currently with the Health Care Reform bill that was signed into law last year. The new bill includes a number of mandates that could increase the cost of health care. Are some mandates a good thing? Absolutely, but there a are number of mandates that are very wasteful. In order for Connecticut to being to control or even lower the cost of health care they need to eliminate current unnecessary mandates and prevent new wasteful mandates from becoming law.
To read the report click here
Siblings Tim Tracy Jr. and Sheena Tracy, Co-Founders of InsuringCT, receive Fairfield County’s 40 Under 40 award. The annual award recognizes 40 successful business leaders under the age of 40 who have achieved distinction as leaders in their fields. The full press release can be read here.