Florida needs Congress to keep healthcare affordable for small businesses | Opinion

Julio Fuentes, Miami HeraldMiami Herald

Unless Congress acts soon, health insurance costs will rise sharply next year for millions of Americans, including more than 4 million working Floridians and their families.

Healthcare has been more affordable for people who buy coverage through the individual marketplace thanks to enhanced premium tax credits (EPTC).

These tax credits help some individuals and families purchase insurance on the health insurance marketplaces based on family’s income level. In 2021, Congress increased and expanded eligibility for the tax credits.

However, these credits are set to expire at the end of this year.

If that happens, premiums will skyrocket, which in turn will force many small businesses to cut back on benefits — jeopardizing both economic mobility and public health.

As president of the Florida State Hispanic Chamber of Commerce, I have dedicated my career to expanding economic opportunities for the more than 600,000 Hispanic-owned businesses across Florida. Time and again, business owners have told me how crucial access to affordable health care is for them and their employees.

Healthcare tax credit

Many of these businesses and the workers who keep them going rely on enhanced premium tax credits to afford that coverage. Nationwide, 4.2 million small business owners and self-employed workers get health coverage through the individual marketplace.

In fact, these tax credits free business owners from having to worry about how to manage expensive employee-sponsored plans.

Instead, they can focus on growing their businesses, serving customers, investing in expansion, and creating jobs.

Unfortunately, the Congressional Budget Office warns that allowing the tax credits to expire could kick nearly 4 million Americans — at least 1 million of them Hispanic consumers — into the ranks of the uninsured as soaring premiums become unaffordable.

Inaction would devastate Hispanic small business owners, their employees, and millions of other Floridians who depend on these tax credits.

Miami-Dade delegation can help

Florida’s congressional delegation must work together to extend these tax credits and keep health coverage within reach for working families.

Extending the enhanced premium tax credits is not only the right thing to do — it’s what voters demand. A recent nationwide survey found that 86% of those who participated in the 2024 elections support extending these tax credits.

Members of Florida’s congressional delegation have every reason to support the continuation of this policy.

I urge them to lead on this issue and safeguard access to affordable health coverage for Florida’s small business owners, so many of its Hispanic residents and all Americans.

Julio Fuentes is president and CEO of the Florida Hispanic Chamber of Commerce.