Health insurance coverage for employees topped the list of concerns voiced by small businesses, according to a recent survey commissioned by Aflac.
Profitability is directly impacted by the inability to secure affordable health benefits for workers, with 36 percent of those surveyed reporting that it “negatively affected business.”
The top three effects are:
- Decline in profitability
- Inability to attract new employees
- Loss of good employees
“Quality health insurance benefits are often key to recruiting and retaining good employees,” said Paul S. Amos, II, executive vice president and chief operating officer. “Because small businesses are more susceptible to premium increases, it is critical that small business owners and management are well-informed of the numerous health benefit options available.”
Other findings of the report include:
- 46 percent of small business decision-makers say increasing health care costs impact employee wages
- 42 percent said cost increases lead to a decrease in availability of benefits
- Fewer than 1 in 10 small businesses have Health Savings Accounts
