Impact of Federal Regulations
(US Law) Federal regulations have a greater impact on our lives than we know or think. Many of us do not even know how different regulations affect the way we live, our companies work, and our expenditures increase. We should be aware of the impact these regulations have not only on our nation but on us as individuals.
Many individuals harbor the wrong notion that federal regulations influence only the national economy, but they have no direct impact on an individual’s life. A state of oblivion like this is only bound to negatively influence your decisions in life.
Formulation of federal regulations is not done based on whims and fancies of a bunch of people out there seated in governmental positions. But, they are formed and imposed for the benefit of citizens. The interests of every segment, small or big, need to be considered before you form any laws. A law is of no use if not everybody can benefit from it. If a particular law is formulated in such a way that it has no clause for a particular segment of people or business categories, it definitely needs an amendment.
Healthcare Insurance and Small Businesses
Are you aware of all the recent changes in healthcare laws and whether they could benefit you or not? With the rising cost of healthcare, health insurance is soon becoming a necessity. However, buying a health insurance for yourself or your company’s staff is expensive.
It may not be mandatory for a small company to offer healthcare insurance to its employees. However, in this age of constant employee drainage and high cost of hiring, it becomes necessary to offer your employees something that is attractive and more than the regular salary. Healthcare insurance is a factor that companies find most suitable to increase the rate of employee retention.
Affordability of Health Insurance
Small businesses, in particular, cannot afford to bestow health insurance facilities to their employees. Their profits are small, so they cannot afford to buy healthcare insurance for each of their employees. Keeping this in mind, amendments have been made in the federal regulations, and new tax rules under the Affordable Care Act have been implemented.
The Affordable Care Act is highly beneficial for Americans; now they have better access to healthcare insurance. However, to avail its benefits, companies must adhere to the minimum essential coverage rules. A minimum essential coverage includes offering insurance coverage to at least 95% of their full-time employees and their children under 26; spouses of employees are waived from offering coverage under this act. Failure to adhere to this may attract employer penalty.
A nation that spends a significant amount on healthcare certainly cares for its citizens. Economies thrive when the citizens are healthy. So, the affordable care act is certainly a step in the right direction and one that will lead to an increase in the growth rate of national economy.
Contribute Your Bit
Not everybody takes a keen interest in politics and the various laws. Many people find the subject drab and boring. These things may lack the spice and flavor like Hollywood gossip. But, they certainly benefit you and more so than Hollywood updates.
If you don’t like to read public notices issued by government in newspapers, go online and browse through portals like noticeandcomment. Keep yourself abreast of all the latest happenings in healthcare laws, taxes, businesses regulations, etc. This is the best platform to contribute to the formulation of federal regulations. You may not have an opportunity to be seated at the White House in this lifetime, but you can certainly do your bit to bring out the best from them by submitting your sensible, practical, and beneficial comments.
Katie Bakerson