Business costs have recently been mentioned in research about the biggest concerns among small business owners in the United States.
Among such concerns, more specifically, was the cost of healthcare. Research results just released by the National Association for the Self-Employed (NASE), give some insight as to why this is a big concern, especially for the really small businesses.
Some findings from the study by the NASE include:
- More than 65% cite cost as the single most significant barrier to offering health insurance to employees.
- Results show a significant increase in the percentage spent on health insurance premiums since 2005, with median costs rising from 3.7% of total revenue to 5.5%.
- One in 10 of the 2008 respondents spend 25% or more of their gross revenue on health insurance, compared to 10.1% in 2005, representing a 48.6% increase.
- Overall, costs have increased an average of 14.7%, compared to a 20.7% increase in 2005.
- Two issues respondents feel have the greatest impact on high health care costs are "insurance companies making too much profit" (28.8%) and "doctors/hospitals charging too much for services" (21.7%).
The new research has shown some improvement since 2005, the last time the study was conducted, but based on the numbers about actual coverage, there's still plenty of room for much more.
For example, the percentage of responding businesses whose plans cover full-time employees dropped from 46.2% in 2005 to 18.6% in 2008.
"While we do see some encouraging data this year, the fact remains that access to health care is the most significant issue facing this country's smallest businesses," said Kristie Darien, Executive Director of the NASE. "The baker, the house painter, and the 20 million other micro-businesses in the United States already are struggling to survive in this economy. These businesses could be further threatened if we cannot find a way to make insurance more affordable."
You can read more findings from this study here. Is health insurance among the greatest concerns of your business?
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prescription insurance coverage
This is good for your employees if they do not get group coverage or have a deductible: www.superrxcard.com allows you to print a free prescription card that is accepted at over 60,000 pharmacies. Savings vary but can be a lot - up to 75% - on generics. Takes less than 10 seconds to print your card and they will send bulk cards to you for your employees if you ask.
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