Small business owners discussing health care concerns and costs - Global Banking & Finance Review
This image depicts small business owners engaged in a discussion about health care costs and concerns, reflecting insights from Bank of America's survey. It highlights the shifting attitudes towards health care among small businesses, as outlined in the article.
Business

LESS ANGST OVER HEALTH CARE AT SMALL BUSINESSES

Published by Gbaf News

Posted on November 14, 2014

1 min read
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JOYCE M. ROSENBERG, AP Business Writer

Small Business Owners and Health Care Concerns

NEW YORK (AP) — Small business owners are less angst-ridden about health care than you might think.

Survey Shows Declining Worry About Costs

Health care costs are in second place among owners’ major concerns in a survey released Thursday by Bank of America. Seventy-two percent cited health care costs as a big concern, down from 74 percent in a similar survey in the spring. The No. 1 concern was the effectiveness of government leaders, cited by 74 percent versus 75 percent in the spring.

Impact of Health Care Law Clarity

Owners are less worried about health care now that they’ve seen what insurance under the health care law looks like and costs. Uncertainty about the law had intensified owners’ concerns. And surveys taken before the new insurance began selling last year showed owners were extremely anxious about whether the law would continue to drive premiums higher.

Key Takeaways

  • 72% of small business owners cited health care costs as a major concern, down from 74% earlier this year
  • Effectiveness of government leaders was the top concern at 74%, slightly improving from 75%
  • Reduced anxiety stems from clarity on insurance offerings and costs under the new health care law
  • Prior uncertainty about the law previously heightened worries about rising premiums

References

Frequently Asked Questions

What percent of small business owners cited health care costs as a major concern?
72% cited health care costs as a big concern, down from 74% in the spring.
What was the top concern for small business owners?
The effectiveness of government leaders, cited by 74%, slightly down from 75% in spring.
Why are owners less worried about health care now?
Because they have seen what insurance under the new health care law actually costs and looks like, reducing uncertainty.
What intensified concerns before?
Uncertainty about the health care law and whether it would keep driving premiums higher raised anxiety among owners.

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