Is your company struggling to provide health insurance?
If so, you’re probably not alone. A survey of 800 small businesses found that while larger employers generally have integrated the requirements of the Patient Protection and Affordable Care Act into their benefits packages, smaller firms are having trouble doing so.
The National Small Business Association survey found that fewer small firms offer health coverage today than a year ago, and costs of coverage are rising, sometimes at alarming rates.
“Unfortunately, the smallest businesses are in worse shape today than they were just one year ago,” said NSBA President and CEO Todd McCracken. “Just 41 percent of firms with five or fewer employees offer health benefits, down from 46 percent one year ago — less than half that of their counterparts with 20 or more employees.”
Among the survey findings:
- 90 percent of respondents reported increases in their health plan premiums;
- 20 percent said the increase exceeded 20 percent;
- 9 percent said they plan to purchase health insurance through the Small Employer Health Options Program or an individual exchange, down from 14 percent last year;
- The average small-business owner is now spending as much as 13 hours a month to comply with PPACA.
About the Author
Will has enjoyed a 20-year career in leadership positions in the hospitality and travel industry throughout the U.S. with the Hyatt, Sheraton, Hilton, Renaissance and Steamboat Ski and Resort corporations. Will received a Bachelor of Science degree from the University of Massachusetts at Amherst. From 2000-2007, he served as President and CEO of the Greater Colorado Springs Chamber of Commerce. He also served as Vice President-Special Projects for the University of Colorado Foundation from 2007 to 2009. Will is a past Chair of the Board of Directors of the National Homeland Defense Foundation and former member of the United States Chamber of Commerce Committee of 100. He is married to Nan, has five wonderful children, and enjoys coaching, traveling, hiking, golfing and skiing.