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I live in a state that is working toward a tax-based universal, affordable, accessible and equitable health care system for all, such as exists in all the other First-World countries. It will be provided regardless of pre-existing conditions, have no deductibles, have a standard co-pay for both services and medications, and cover all household members even if they lose their jobs for any reason. One estimate was that it would take a 14% payroll tax to cover all state residents not covered by Medicare, Medicaid or Tri-Care (for which it would be the secondary insurer).
One of the arguments supporting it is that there are quite a few people ready to quit their job and start their own business, but they are held back by the matter of insurance costs for both themselves and their employees.
So, I'm curious as to how many employers or would-be entrepreneurs would pull up their roots and move to a state that offers such insurance coverage for a 14% payroll tax. If you're one of those people, let me know.
I already own a business but would seriously consider moving to that state if that was offered. It's a matter of time before it does across the country, IMO.
There are hundreds of items that must be considered when opening a business; healthcare is just one. No amount of low cost healthcare expense will offset a state with negatives in others areas critical to a businesses success.
I for one would not relocate the company based solely on what healthcare would cost. For one thing, I have a highly compensated workforce where their portion of health care is relatively low in proportion to their salaries. I also have to consider all other taxes for the business as well as the employees. So we get a health plan with lower healthcare expenses, but if other taxes, fees, regulator expenses, business expenses, etc are higher, what did we really save?
Right now the political focus of business problems is being laid at the feet of healthcare cost. Truth is, healthcare is expensive but its not the make or break of a business.
Rabrrita, if you were planning on starting your own business rather than relocating an ongoing one, would you have a different take on it?
Not as a single deciding factor.
Having low cost health insurance is meaningless to starting a business if all the other factors involving that state is negative for the business. Health insurance cost is an expense, but it is not the only expense for a business.
Having low cost health insurance is meaningless to starting a business if all the other factors involving that state is negative for the business. Health insurance cost is an expense, but it is not the only expense for a business.
You are an astute business person. I am in agreement with you on this issue.
I also agree with Rabrrita. But cgregor its an interesting concept. I will watch with interest.
I'm a small business owner.
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