The Rising Cost of Health Insurance and the Battle for Profitability
Enterprise Bank & Trust
According to the more than 230 business owners surveyed for this report, the rising cost of providing health insurance to employees is one of the top financial pressures facing small and midsize businesses. Here are a few things we found:
79% of small and midsize business owners rated the impact on their companies profitability as a top concern
59% believe an increase in premiums would make health insurance coverage for their employees unaffordable
47% say the cost of health insurance limits their ability to award bonuses or give raises
Business leaders share a variety of approaches.
"The narrative around insurance and Health Care is changing in front of our eyes. It bedevils me why more employers don’t work together to increase their purchasing power with insurers."
-Thomas McAuliffe, Director of Health Policy
Missouri Foundation for Health
“We self-insure and maintain a stop-loss policy at $200,000 for a single event,” says Mike Waters, CEO of Kansas City-based engineering firm SOR Inc.
“One of the steps we’ve taken is to offer a narrow network option, with lower premiums, to make it more affordable,” shares John Wennemann, Vice President of Human Resources at St. Louis-based Duke Manufacturing.
With health insurance costs rising and no end in sight, have you considered ways to minimize costs?