Insurance companies will be required to provide their employees with health insurance coverage for any catastrophic illness, even if they can’t afford it.
Health care workers will be able to choose to have coverage or not, but the government says they will not have to pay more for the coverage they choose.
Insurance companies will still be able make a profit from the business they are in, but will be limited to offering the coverage or offering other options to workers in the form of health savings accounts or other savings vehicles.
The legislation also requires employers to provide coverage to workers who are in the country legally.
In the event of an economic emergency, workers will have the option of purchasing their own health insurance plan, but only in the first year they get the coverage.
A worker who is sick or injured and chooses not to purchase coverage will still have to cover their own medical bills.
Employers that do not provide coverage will be subject to a $50,000 fine.
The legislation comes as health insurers are facing an onslaught of new competition, with some seeing an average of more than half of their businesses now underwritten by the private health care insurance industry.
On Friday, the National Business Group on Insurance (NBGA) issued a report on the health care industry, finding that nearly half of the companies that it surveyed had gone out of business since 2016.
Many of the businesses are small and midsize companies that sell services to individual customers, such as doctors, hospitals and drug companies.
NBGA found that most were also struggling to keep up with a rising number of patients who require more expensive care.
In addition, many of the firms that it examined were also facing a shortage of workers in certain industries that needed help with health care needs, NBGA said.
These were also areas where the industry has been experiencing a sharp increase in the number of new competitors, such a health care IT firm and a health maintenance organization, NBGAs study found.
However, it said that the number and size of health care workers is decreasing, and the industry is continuing to recover from the Great Recession, and will continue to grow in the years to come.
With the economic climate deteriorating and a significant number of the jobs that remain being lost to automation, companies that do business in the health insurance industry are being forced to rethink their business model, NBGS executive director Tom Johnson said.
The NBGA report said that while health insurance has been the primary means of health insurance in the U.S. for the past few decades, its growth in recent years has been driven by an influx of new insurance companies that have been able to compete against the private insurers.
While the NBGA did not make a specific number of companies that are in decline, it estimated that about 70% of companies are now in decline.
Despite this, the NBGas report noted that a significant percentage of companies in the sector are continuing to offer health insurance to workers and that the trend is likely to continue as new health care companies enter the market.
Johnson said that even though the health plan market is in a free fall, health insurance is still growing, with premiums rising as consumers seek more coverage and as companies expand their networks to cover workers.
For many of these businesses, the growth in health insurance premiums has been offset by a decline in the size of their workforce.