National Federation of Independent Business (NFIB)Ohio’s leading small business advocacy organization, which released a new health care policy paper, titled, “Health insurance for small businesses dealing with the cheap crisis. These results show a rigorous diagnosis for the small group insurance market as the health coverage provided by the employer is becoming unstable for millions of small businesses and their employees.
“Small business owners in Ohio have reported health insurance costs for nearly four decades. Chris Ferroso, NFIB Ohio State Director. “Despite good intentions, lawmakers should resist to obtain a health insurance mandate because it has finally put pressure on the health insurance premium and small employers are forced to decide whether they can afford to benefit the employee or not.
Key results from the report:
The SMall is in the small group’s market -free fall, which has dropped from 15 million people to 2023 in 2014, down to 8.5 million, down 44 %.
The average premium for Small small businesses has hit the sky: In the past two decades, the average single plan premium has increased by 120 %, while the average family plan premium for 50 or less employees has increased by 129 %.
• Only 30 % of small businesses still offer health insurance, which is less than about 50 % in 2000.
• Eighty percent of small businesses say they are worried about whether they will be able to continue to offer health insurance offers over the next five years.
• Small businesses pay more for health insurance because in big businesses, less than $ 600,000 income firms spend about 12 % payroll on precision benefits, while compared to 7 % for more than 4 2.4 million revenue firms.
Ohio Legislature recommendations include:
• House Bill 133 – Legislature will provide employers up to $ 400 per employee to provide employers with 50 or less employees to provide individual coverage health care compensation management (ICHRA).
• Senate Bill 129 – Legislature will allow employers who buy group health plans for their employees, allow them to obtain a refundable tax credit for a part of their premium.
See “dealing with a health insurance crisis for small businesses” Here.
