Even Massachusetts, which has some of America’s highest health-care costs, will see a spike in insurance premiums this upcoming year.
According to preliminary data from the Associated Industries of Massachusetts, a business trade group, under Obamacare more small businesses will see their costs rise than fall. Premiums on the small-group market are rising for 32 percent of businesses by 10 to 29 percent; some businesses are seeing their premiums jump even higher.
AIM has received 101 responses from member businesses — too little for a scientific sample, but an indicator of what’s to come — which are purchasing plans in the small-group market. Fifty-nine percent of those businesses are seeing their premiums increase, against 27 percent seeing their premiums decrease (14 percent won’t see their costs change). Fifteen percent of small businesses are seeing their costs spike between by more than 20 percent.
As a result of the changes, 40 percent of businesses surveyed said they planned to change their health-insurance offerings. Of that group, 30 percent said they’ll increase deductibles or co-pays, and 18 percent said they will drop coverage altogether.
AIM says that it will conduct another survey in March, as many small businesses renew their plans in April.
Via The Republican.