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| Governmental Regulations |
| HIPAA: Another Burden of small businesses |
Just when small businesses thought that their administrative burdens were being lifted, along comes another bureaucratic regulation that will make even the most efficient small business owner shudder.
Congress signed into law the Health Insurance Portability and Accountability Act (HIPAA). The purpose of HIPAA is to provide “guaranteed” health care coverage for all Americans.
While the purpose is truly laudable, the burdens imposed on employers are significant, and negate some of the advances under the Small Business Protection Act. The government has released over 500 pages of regulations explaining the new rules and requirements, and the new Federal “Certificate of Coverage” requirements already took effect.
While these new regulations are designed to make health insurance available to all Americans, Federal officials estimate that the new law could result in more than $500 million in new administrative premiums and higher premiums. Obviously, this has resulted in a niche for PEOs to assist small businesses in meeting the myriad of rules and regulations that apply to them.
Source: The PEO Insider
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