Small businesses face significant financial planning challenges because health insurance costs, typically their second or third largest expense after payroll, are unpredictable until 2-3 weeks before renewal, making budgeting and annual planning nearly impossible.
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How Health Insurance Costs Hurt Small BusinessesAjouté :
One of the biggest complaints that we hear in the market all the time from our from our employers, from brokers in the market is that everyone is kind of accustomed to their health care cost increasing year over year. What makes it extremely difficult for small businesses across the country today is not knowing what those rates are going to be. When you're talking about these small medium-sized businesses, if they're offering health care benefits, if they're offering health insurance to their employees, that is one of the highest costs that is one of their largest expenses, usually number two or three after payroll. And when you don't know as a small business owner whether it's going to that that cost is going to go up 5% or 50% year over year until two three weeks leading up to the end of the year until your renewal, it pretty much makes it impossible to to actually budget or or plan out your year.
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