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June 2012 | See all news in this issue

Small business health care costs…

Surveys of small business owners repeatedly find that rising health care costs are at the top of their list of concerns for the health of their companies. That’s why groups representing small businesses are focusing on legislation aimed at lowering those costs.

The latest effort comes from the National Federation of Independent Business (NFIB), which has made the Republican-backed Health Care Cost Reduction Act a “key vote” in the House of Representatives. This bill would:

• Repeal an excise tax on medical devices that was part of President Obama’s health care reform legislation.
• Allow over-the-counter drugs to be expensed on health savings accounts.
• Allow people to access unused medical savings account balances rather than the “use them or lose them” rules that apply now.

The White House has announced that President Obama will likely veto this bill even if it were to be approved in the Senate, which appears unlikely at this time. The excise tax is crucial to funding the president’s health care reform plan.

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