From Sept. 27-Oct. 13, 2022, Small Business for America’s Future surveyed 1,209 small business owners in its network about the impact the cost of healthcare coverage has on their business. The results show that high healthcare prices are leading Main Street entrepreneurs to raise prices for goods and services, stifling small business growth and hiring, and cutting into employee paychecks.
95% of small business owners responding have seen the cost of health insurance increase over the last four years. More than half estimate the yearly increase of their healthcare costs is 10% or more.
Nearly half have increased the prices of their goods or services to offset healthcare costs, 38% have delayed growth opportunities, and 28% have held off on hiring new employees
3% have thought about no longer providing health insurance for their employees due to the rising cost of coverage, and 74% thought about reducing how much their business contributes to the cost of health insurance
More than half said employees raise the possibility of not being able to afford medical expense
Four in ten have forgone offering health insurance altogether, and nearly 80% said it was because the cost was too high.
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