Reform to the Affordable Care Act co-sponsored by Senator James Lankford was signed into law by President Obama earlier this week. The Protecting Affordable Coverage for Employees (PACE) Act will protect small businesses from healthcare premium increases under the ACA, also commonly called Obamacare, by allowing states to maintain the current small group market definition. Simply put, it protects businesses with 50 employees or less.
“Years after its implementation, I am still committed to protecting Oklahomans from the harmful effects of Obamacare,” said Lankford. “I’m pleased that this commonsense bill has finally become law. By allowing states to maintain the current small group market definition of 50 employees, we’re ab le to protect small businesses from one of the burdens of complying with the law. Many Oklahoma small business owners and officials are concerned about how their company will survive under the Obamacare mandates. Repealing this provision protects the jobs of thousands of Oklahomans.”
Lankford cited studies with have predicted that premiums could increase by around 18 percent for most mid-sized employers if the small business definition increases to 100, which was originally scheduled for January 1, 2016.
