Small Business Health Insurance in the News
Health insurance has been a prime topic in the news over the last few years, with rising health care costs, mounting premiums, and increasing numbers of uninsured American workers and their families. To keep today's busy business owner in tune with the course of the industry and the opinions of cultural leaders nationwide, we have assembled a number of key facts and notable observations on the state of health insurance today:
Health Insurance in the National Spotlight
- Government figures showed that health care costs grew by 8 percent in 2004 to comprise 16 percent of the nation’s economy. The rate of growth was almost triple the inflation rate, and far greater than the modest increase in wages (Washington Post, Jan. 10, 2006).
- Following Maryland’s lead, 30 states are considering legislation to require very large companies – those with 10,000 or more employees, such as WalMart – to spend at least 8 percent of their payroll on health insurance. While the laws are not considered a “cure all” for the uninsured, they may lead to incremental changes that bolster the nation’s employer-based health insurance coverage system (Christian Science Monitor, Feb. 10, 2006).
- More than 20 million working American adults lack health care coverage, according to a report from the Centers for Disease Control and Prevention. And, according to a report issued by the Robert Wood Johnson Foundation, almost half of uninsured adults with chronic conditions forgo needed medical care or prescription drugs due to costs.
- “It is important that our community of faith supports medical coverage for those who are uninsured, bringing the healing power of modern medicine to every man, woman, and child in our country” (Dr. Mary Ruth Stone, Church of God, Cleveland, TN).
- The Center for Studying Health System Change reported that 20 million American families had trouble paying medical bills in 2003 (New York Times, Oct. 23, 2005).
- "In a nation with so many resources, we cannot and should not accept the reality of millions of our fellow Americans who go without basic health care” (Nancy Wisdo, United States Conference of Catholic Bishops).
- The rate of growth of health insurance costs to U.S. employers rose at its lowest rate in recent years in 2004, but much of the reduction in the rate of increase was a result of employers raising employees’ deductibles and copayments rather than increasing employees’ share of premiums (Philadelphia Inquirer, Nov. 21, 2005).
- “Health care is as fundamental as food, clothing, and shelter. No person should be without it” (Dr. Sayyid M. Syeed, Islamic Society of North America).
If there is one conclusion to be drawn from this news, it is that health insurance is an issue that is vitally important to Americans – including, without a doubt, the employees of your small business.
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