Massachusetts lawmakers approve a bill that would require most residents to have health insurance.

According to Reuters, the Massachusetts policy holds both businesses and employees responsible for health care coverage.

Businesses with more than 10 employees that do not provide coverage for all staff must pay a $295 fee annually per uninsured worker.

House Speaker Salvatore DiMasi says, "Some 500,000 citizens who go without insurance today will be taken care of."

According to the report, 46 million Americans are uninsured and there is growing concern across the country over the diminishing number of people who can afford the soaring cost of insurance premiums.