Ohio Businesses Face Rising Healthcare Expenses
According to the Center Square, small business owners in Ohio are increasingly concerned about the rising expenses of healthcare. The National Federation of Independent Business (NFIB) data indicates that healthcare is a significant concern for small business owners, as it hampers their ability to compete and retain employees.
“Small business owners are very concerned about the rising cost of healthcare coverage and its impact on their businesses,” stated Roger Geiger, the Executive Director of the NFIB in Ohio. “High healthcare costs force business owners to defer investments and affect their ability to attract and retain employees.”
The NFIB’s Healthcare Cost Survey for small businesses revealed that the share of members citing healthcare as a major business concern has increased from 72% in 2018 and 73% in 2019, to 75% in 2023.
Overall, the survey showed that a majority of small businesses are facing increased healthcare costs compared to the previous two years, with the costs continuing to rise.
Geiger further noted the impact of healthcare costs on small businesses. Approximately 50% of small businesses offer health insurance to their employees.
According to Geiger, the NFIB advocates for policies that would allow small businesses to manage healthcare expenses. “We encourage Ohio lawmakers and policymakers to enact policies to increase cost transparency and alleviate the cost for small business owners,” he said.
In 2023, about 42% of small business owners reported that rising healthcare costs are a concern. This is up from previous years. Healthcare costs have also increased for businesses with 50 or more employees.
Geiger added that the NFIB also encourages small business owners to explore options to manage costs.
“Small business owners are extremely affected by increasing healthcare costs. We are advising Ohio business owners by providing strategies to lower healthcare costs and stay competitive,” Geiger stated.
The majority of small business owners with 50 or more employees and those with 10 or fewer employees are looking for ways to manage costs and compete. The organization is urging business owners to seek options to lessen the impact of rising healthcare costs.
