Health Care the Engine to the Economy, Foundation Executive Says

POSTED BY: Alice Straight   CATEGORY: News   SHARE STORY:

For Immediate Release

September 26, 2011

Contact: Alice Straight 203-639-0550 ext. 309

203-443-3415 (cell)

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Health Care the Engine to the Economy, Foundation Executive Says

 Small businesses need more affordable health insurance choices to be competitive, Frances G. Padilla, executive vice president of Universal Health Care Foundation of Connecticut, told a group of business leaders gathered in New Haven today.

 Padilla spoke as a panelist in a discussion sponsored by the Greater New Haven Small Business Council. Other panelists included Matthew Katz, executive vice president, Connecticut State Medical Society and Steve Glick, principal, Chamber Insurance Trust.

 The Federal Affordable Care Act helps encourage job growth, Padilla said, because it reduces the expenses small businesses face in terms of providing health care insurance to employees through tax credits.

 “Small business spends on average 18 percent more for the same health plan as a large business,” said Padilla. “In the Third Congressional District, the health reform bill will give tax credits and other assistance to 15,400 small businesses,” she said referring to federal health care reform. That assistance Padilla said would allow more small companies the ability to attract and retain quality employees who need health benefits for their families.

 The tax credits cover up to 35 percent of the expenses for employers with low wage workers with fewer than 25 employees, if the employer pays at least half of the premium cost for the employee.  Non-profit employers can get up 25 percent of their expenses reimbursed through the tax credit.

 She also told the group that the health care sector is the most promising aspect for economic development in Connecticut with 3.5 percent growth in two years. Padilla also told the audience that jobs for health practitioners and technical occupations accounted for 40 percent of the job growth in South Central Connecticut. The industry also projects a combined 14 percent growth in technology, care coordination and nursing, Padilla said.