Small Business Boomers

Health care is biggest small business concern

by Jean on December 26th, 2007

You weren’t surprised, I’m sure. As small business owners, you and I are definitely concerned about paying for health care. The smaller the business, the less cash flow is available to pay for benefits.  And costs continue to rise with no end in sight.

A November survey by the National Association of Professional Employer Organizations (NAPEO) found that:

• Health care costs increased more than 10 percent for over half of the small businesses surveyed.  About 40 percent of the businesses responding said the increase was about the same as last year. Small consolation there.
• About 40 percent of companies said health care was their biggest challenge (this response came in second, after “finding good employees.” Of course, having health insurance  is a big factor in attracting good employees.
• In small businesses where employees contribute to a health plan, 70 percent of the small businesses said they would ask employees to contribute more next year.

Other questions on the survey asked about wellness incentives and “consumer-driven” options like Health Savings Accounts. The survey is worth reading, if depressing. Here is the link: Taking the Temperature of Small Business

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POSTED IN: Boomers nearing retirement, Business Improvements, Finance, Health