Small businesses continue to face huge cost increases and struggle to navigate significant confusion and complexity under the Patient Protection and Affordable Care Act (ACA). That’s according to the 2015 Small Business Health Care Survey conducted by the National Small Business Association (NSBA).
According to the survey, 90 percent of small firms reported increases in their health plan premiums at their most recent renewal with one in five reporting increases exceeding 20 percent. In addition, overall offer rates dropped among all small firms. Sixty-five percent of small firms report offering health insurance today, down from 70 percent one year ago.
“Unfortunately, the smallest businesses are in worse shape today than they were just one year ago,” stated 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. “
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Administrative burden. While cost is the number one driver of whether or not a small business will offer health insurance, complexity and administrative burden cannot be underestimated, particularly given that the overwhelming majority of firm owners personally handle their firm’s health benefits. Just nine percent of small business owners say they plan to purchase health insurance through the Small Employer Health Options Program (SHOP) exchange 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—four work weeks every year—to comply with the ACA. We need to focus on growing our businesses but the increased costs and compliance burden the ACA puts on us only makes that much more difficult,” said NSBA Chair Timothy Reynolds, president of Tribute, Inc. in Hudson, Ohio.
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