Millions of small business owners across the country are constantly making decisions that will affect their companies’ bottom lines for months or even years to come, and the more they can do to keep their costs under control, the better off they’re likely to be going forward. However, that might not be possible when it comes to dealing with health insurance, the cost for which seems to be constantly on the rise.
Today, nearly two-thirds of entrepreneurs say that if they could change one thing about the health insurance plans they offer to their employees, reducing premiums paid every month would be at the top of the list, according to a new survey from the National Association for the Self-Employed. Further, 53 percent say that they have either “low” or “very low” confidence in their ability to find low-cost coverage this year.
“Affordability of health care coverage continues to be a major concern of small business owners across the country,” said Katie Vlietstra, vice president for government relations and public affairs for NASE. “Greater than 23 percent of those we surveyed are budgeting to spend more than $10,000 on health care expenses alone this coming year. That level of spending on health care costs hurts the bottom lines of America’s smallest businesses and it impedes their ability to save, grow and create new jobs. The small business community is the engine of our nation’s economy and the cost of health care coverage continues to clog the fuel line.”
Meanwhile, more than 4 in every 5 owners said that they were disappointed to find they didn’t qualify for any tax subsidies that would help them reduce their health insurance costs, the report said. That might make for difficult conditions for these entrepreneurs going forward as well, because more than half of those polled said they would likely try to change some aspect of their plans this year.
Owners who are worried about rising costs for health coverage might want to consider the ways in which they can find more affordable small business insurance for other policies. For instance, if they can reduce costs on errors and omissions insurance, that might free up thousands of dollars annually which could, in turn, be used to help defray the rising cost of high-quality health care plans that may be vital when it comes to both attracting and retaining great employees.