As the state continues to entice big corporations with tax breaks and other incentives, small business â€“ which provides 75% of all net new jobs in the United States according to the Small Business Majority â€“ continues to struggle in our volatile economy. This veto session, the Illinois Senate has an opportunity to support small business by securing more affordable and stable health insurance costs while encouraging competition in the private health insurance marketplace by passing House Bill 3236 (HB 3236).
Excessive health care costs are decimating small business and negatively impacting the economy. According to a study supported by the Commonwealth Fund, the vast majority of small businesses paid adjusted premiums 18% higher than firms with 1,000 or more workers, in addition to increased administrative costs up to 27%. The Small Business Majority reports that health insurance premiums have risen nearly 9% annually for small business. As a result, employers are struggling to obtain health insurance for themselves and their employees and are forced to choose between dropping employees or health insurance just to stay afloat, or eliminating benefits altogether. To make matters worse, seven out of ten small business employers report they cannot afford to offer health care for their employees, which inevitably shifts the responsibility of private medical expenses to the taxpayers via entitlement programs.
For full article, visit our SBAC Blog: http://smallbusinessadvocacyblog.com/