Virginia Governor Timothy M. Kaine has signed a General Assembly bill that allows small businesses to collectively purchase health insurance, a measure supporters hope will help address health care concerns within the state’s small business community.
House Bill 761 authorizes small businesses with fewer than 50 employees to join together to purchase health insurance coverage for their employees. The legislation also allows small businesses that currently have a coverage plan to increase health insurance options for their employees.
“Small to mid-sized businesses are a cornerstone of Virginia’s economic success,” Kaine said. “This bill allows creative options to help small businesses confront this problem effectively.”
The measure allows businesses to have flexibility in how they form purchasing pools, either by establishing one person or entity to be responsible for collection and payment of premiums, or by allowing each company to take responsibility for its own policy.
The savings potential of this health insurance pooling depends on the size, composition and administration of the pool.
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