Stories highlighting the implications of the new tax cuts on healthcare sector
In the wake of the Tax Cuts and Jobs Act, the healthcare landscape in America is undergoing significant changes. Here's a look at how these changes are affecting local businesses and families.
The U.S. Bureau of Labor Statistics reports that employers pay for 67% to 71% of their employees' healthcare costs. However, for those not belonging to a group, insurance premiums are expected to increase by 10% annually due to the changes brought about by the Act.
Local business leaders are responding to these challenges by planning a 'health-based alliance' similar to the one initiated by Jeff Bezos, Warren Buffet, and Jamie Dimon. Representatives from major companies like Alphabet and JPMorgan Chase in different regions are involved in these efforts, aiming to reduce healthcare costs and improve employee health outcomes through collaborative strategies and technology integration.
Some local businesses are already offering improved food choices, internal mentoring programs, child care, elder care, and counseling services. Reporters are encouraged to check on the progress of these businesses offering such programs.
The individual mandate, which required Americans to have health insurance or face a penalty, was eliminated by the Tax Cuts and Jobs Act. Fewer people are expected to sign up for Medicaid due to these changes, leading to an estimated 13 million people lacking healthcare by 2027.
The Commonwealth Foundation offers a state-by-state breakdown of healthcare spending by families. In some states, families spent more than 12% of their incomes on healthcare in 2015, with the average being 10.1%. Government health-insurance subsidies are also expected to drop due to the changes brought about by the Act.
Reporters are encouraged to ask readers about their plans for buying healthcare or opting out of the individual mandate, focusing on a range of demographics. They are also encouraged to find out if their state and county health departments have been affected by the tax cuts law in their ability to help residents who need health coverage.
To help manage healthcare expenses, especially for those opting out of the individual mandate, reporters are encouraged to find local financial planners or consumer advocates. However, the article does not provide specific details about the smart ways to manage healthcare expenses offered by these professionals.
The 'Health Transformation Network,' launched in 2016 by unspecified businesses aiming to drive down healthcare costs, is another initiative worth exploring. Unfortunately, the article does not provide specific details about the progress of this network or its impact on local health departments.
A link is provided to find more information about the impact of the tax cuts law on health coverage. As the situation continues to evolve, it's crucial for reporters to stay informed and share these insights with their readers.
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