Tired of working for the man? Obamacare will help.
Over the years I’ve seen many clients eager to start their own business. They had everything they needed — a great business plan, financing, the ability to make less money while the new venture got off the ground — but they still could not quit their job, because they could not get health insurance on their own. I’ve even had clients who wanted to retire before age 65, and who had the financial resources to do it, but the reality that they could not get health insurance on their own kept them tied to jobs they no longer wanted or needed.
The Affordable Care Act, a.k.a. Obamacare, is already changing that. As The New York Times reports, people who previously were locked into their jobs because they couldn’t get health insurance on their own are now finding that they can get insurance under the new system.
A study by the Robert Wood Johnson Foundation (website ) concludes that there will be 1.5 million more self-employed people in the U.S. in 2014 because of the Affordable Care Act.
“Assuming we get the website working, it’s going to be the biggest step we’ve had in a long time in the U.S. in terms of changing the structure of the economy,” Craig Garthwaite, assistant professor of management and strategy at Northwestern University’s Kellogg School of Management, told The New York Times.
The rollout of the Affordable Care Act has indisputably been a mess at the federal level. It’s also been a mess for some states–my state of Oregon, for example, has currently enrolled exactly ZERO people under CoverOregon. (The exchanges for California to our south and Washington to our north are working–why doesn’t Oregon just hire the folks who set up websites for those states?) But over time, the website mess is going to get sorted out, and, as Paul Krugman points out in today’s New York Times, the law is going to work.
Obamacare means that people who are ready to retire can get out of the way of younger workers. And would-be entrepreneurs, whose ambitions have been stifled by lack of access to health insurance, are going to benefit.