jareksteele

September 26, 2013

A Small Business Response to Obamacare


Left Bank Books pays 100% of our full-time employees’ health insurance premium.

I’d like you to let that sink in for a moment, because this fact is one of the reasons I decided to become an owner of this St. Louis institution.  

I’ll also let you in on another secret – by the end of this year, my bookstore will have paid $270,550 over the past five years for health insurance.  Our group is (obviously) small; an average of 12 people are enrolled.  Each bookseller’s premium averages out to about $415 per month.  We each have a $5000 deductible.

To put that into perspective, the average paperback retails at about $15.  We pay about $8.25 to the publisher, leaving us $6.75 to pay all other expenses (rent, payroll, electricity and, yes, health insurance).  That means that we have had to sell 40,082 paperbacks at full cost to pay for health insurance alone since 2009.  

The message being blasted from the rooftops of opponents of Obamacare this week is that those figures I just gave you are precisely why Obamacare is unfair – that it will put a burden on individuals and small businesses like mine, and force us to increase what we spend on Health Care.  They don’t want you to know that many small businesses like mine actually think that having health insurance is an important aspect of having a functional, happier, healthier, more productive employee.

In fact, the state of Missouri rejected the whole idea, forcing the federal government to manage the healthcare exchange here and went one step further and forbid “navigators” from even helping anyone obtain insurance from the federal exchange.  That means that not only are our state’s citizens on our own, but the public servants who we pay with our taxes cannot even talk to us about this.

I’ve got to say, I’ve been worried.  That’s what happens when information is censored before it reaches you. When the only message you hear is the one that frightens you, the impulse can be to dig in and resist.  But now some actual facts are making it into this debate.  I found this chart this morning on CNNMoney:

The Obamacare premiums will cost less than predicted, according to data released Wednesday by the Obama administration.

Take a look at the middle set of figures.  The monthly premium for someone in Missouri is $220 – $195 per month less than what we currently pay.

Granted, I haven’t seen the policy or what the deductible will be.  Granted, this set of figures applies to individuals, not small businesses on the SHOP Exchange.  Granted, my company has bigger battles on its horizon as Amazon sucks the economy into its vortex.

But I can’t help but be hopeful today.  Even if the deductible is high, it can’t be higher than the ridiculous amount we’re responsible for now.  Plus, the rates for small businesses are bound to be just as good as individual rates.  As for Amazon, that’s a whole other subject about which I’ve been very vocal.  If you’re interested, you can look at ABA CEO Oren Teicher’s August 8 letter to the members of the organization.  He sums it up nicely.

I’ll write again after October 1, when I’m able to have a look at the exchange, but for now, for this small business in the reddest of all red states – count me in.

33 Comments

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