New Massachusetts law reduces healthcare costs for small business

A new law has been signed by the governor of Massachusetts that could reduce healthcare costs by as much as 12 percent for smaller businesses, corporations and LLCs.

The new state law allows small businesses to qualify for lower healthcare premiums through cooperatives, opening up lower group rates typically only obtained by larger corporations.

Governor Deval Patrick said the legislation was a “milestone” that would help keep costs affordable for companies, while assuring coverage was accessible for individuals.

“Small businesses have never had a seat at the table with big business, government, insurers or providers, and consequently have been hit with unaffordable and unfair health insurance premium increases,” said the president of the Massachusetts Retailers Association, Jon Hurst.

Some companies seeking to reduce healthcare costs are doing internal audits and hiring consulting firms to look for employees that are claiming ineligible dependents, reported The Denver Post.

The CEO of one auditing firm told the paper that it has seen companies where 12 percent of all dependents were actually ineligible for healthcare coverage on the company plan.ADNFCR-3052-ID-19924699-ADNFCR

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