NSBA Report: Overwhelming Majority of Small Businesses Suffering Insurance Cost Increases Due To Obamacare
Skyrocketing Costs Is Limiting Capital and Business Growth
The National Small Business Association (NSBA) today released a new report providing further evidence that the health law is significantly harming small businesses through onerous requirements and increased costs. This comes days after a report by the nonpartisan Congressional Budget Office showing that the law is slowing the economy and costing jobs.
“Surprisingly, there are some that deny the health care law is hurting the economy or small businesses, despite the mounting evidence of the law’s ill effects,” said House Small Business Committee Chairman Graves (R-MO). “This NSBA report mirrors the overwhelming economic and business data showing that the law’s requirements are rapidly increasing insurance costs and burdening small business operations. The most troubling finding may be that one third of small firms say they are purposefully not growing as a result of the law. With so many small businesses stuck in neutral, we shouldn’t be surprised about the tepid growth of America’s economy.”
Key Small Business Findings From The Survey:
• 91% experienced increases in their health plan at their most recent health insurance renewal.
• Over the last five years, 68% report insurance cost increases exceeding 20%.
• 66% say insurance increases have left them with less profit available for general business growth.
• 1/3rd say they are purposefully not growing as a result of the health law.
• Today, the average monthly per-employee cost of health insurance premiums for a small business is $1,121. Compare that to 2009, when the estimated monthly cost of their health benefits package, per employee, was just $590 per month.