WASHINGTON, D.C. (May 2, 2023) – Today’s The Hill published a new op-ed from Josselin Castillo, NFIB Manager of Federal Government Relations, in which she discusses how the high cost of health insurance is impacting small businesses, and how Congress can take meaningful steps to act.
“Ever-rising health insurance costs are crippling America’s job creators and communities nationwide. For four decades, the cost of health insurance has been the No. 1 problem for small businesses. The problem is now exploding into a crisis, according to the latest survey from the National Federation of Independent Business. A stunning 97 percent of small businesses report that healthcare costs will become unsustainable for them within the next decade.
“Small business owners are being forced to make tough decisions in response to these skyrocketing costs. The percentage of small businesses offering health insurance has dropped dramatically in the last decade from roughly 40 percent in 2010 to 30 percent in 2021. Meanwhile, the businesses that do offer coverage have no choice but to pass rising costs on to their customers. Almost half of small employers (46 percent) report raising their prices. And half of small employers earn less due to health insurance premium increases over the last five years.”
“When small businesses are forced to cut back on health insurance or other benefits, it hurts their ability to attract talent, reward their employees, and build up their communities. After 40 years of small businesses saying this is their top problem, it’s time for Congress to step up and finally make health insurance affordable for Main Street.”