Business Owners See Health Insurance Premiums Rising

SM Authority Survey Healthcare imageThe Small Business Authority, with a portfolio of more than 100,000 business accounts, announced the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of more than 1,500 respondents, one of the key findings from the July survey is 49 percent of business owners see their health insurance premiums rising within the next 12 months. Of the remaining respondents, 13 percent see their premiums decreasing, while 38 percent believe their premiums will remain the same. Additionally, 69 percent of business owners surveyed do not plan on re-bidding their health insurance out. Only 16 percent of respondents plan on re-bidding their health insurance, and 15 percent are still undecided.

Barry Sloane, chairman, president and CEO of The Small Business Authority commented, “Despite the fact that only 16 percent of business owners thought that they would need to re-bid their policy, which is greater than the typical sample, we believe it will be imperative for business owners to begin to plan immediately and understand all of the trends that are inherent in the new health insurance environment. It is clear to us and the market that independent business owners must purchase health insurance for themselves, their families and their employees. There is clearly a new pool of potential insureds as well as the historic legacy buyers. It is also clear to us that the market offerings will be dramatically different and changing with respect to pricing, coverage, prospective providers of health care and overall choice.”

The June SB Authority Market Sentiment poll of more than 600 respondents revealed that 39 percent of business owners did not want the Patient Protection Affordable Healthcare Act (PPAHCA) to be ruled constitutional at all and 37 percent of business owners did not want the Act to be ruled constitutional in part. Only 25 percent of business owners surveyed wanted the PPAHCA to be enacted. After the Supreme Court ruled that Congress had the right to legislate the PPAHCA, 35 percent of business owners now want the Act to be repealed and 38 percent want the Act to be modified, according to the survey.