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Are Health Insurance Premiums Higher for Small Firms?
Source: www.rwjf.org
Topic: Health Insurance
Sort Desciption: pay similar health insurance premiums on average, ... Several characteristics of small firms increase health insurance costs ...
Content Inside: Also see companion Research Synthesis Report available at www.policysynthesis.org Available data show that small and large firms pay similar health insurance premiums on average, but this simple comparison is misleading. DO SMALL FIRMS PAY HIGHER PREMIUMS THAN LARGE FIRMS? E Small and large firms paid similar average premiums in 2001 . Small firm premiums were somewhat higher for single coverage but were lower for family coverage (FIGURE 1) . E However, these simple comparisons are misleading as: • The data omit the one-third of small firms that did not offer coverage and may have faced higher premiums (FIGURE 2) . • Small firms typically offer less generous benefits, but the premium data do not take this into account. • Averages disguise the greater variability of premiums among small firms, which is largely due to medical underwriting. E Recently, small firms have experienced larger premium increases than large firms, which may translate into a wider gap in premiums (FIGURE 3) . In response, some small firms may drop coverage, reduce their benefits, or shift more costs to workers. THE SYNTHESIS PROJECT NEW INSIGHTS FROM RESEARCH RESULTS * Definitions of “small†firms vary from study to study and are noted in figures. 1 FIGURE 2. Percentage of Firms Not Offering Health Benefits, 2001 100 80 60 40 20 0 All Small Firms All Large Firms ( 3–199 workers) (≥ 200 workers) 35 1 17 14 12 11 10 9 11 FIGURE 3. Annual Percent Increase in Premiums, by Firm Size (number of workers), 2001 3–9 10–24 25– 49 50–199 200–999 1,000– ≥ 5,000 4,999 INTRODUCTION Small firms are much less likely than large firms to offer health insurance coverage. Analysts point to higher costs of coverage as one reason for the lower offer rate. To address this, policymakers have developed a range of strategies to bring small firm health coverage costs more in line with the costs faced by larger firms. But are small firm costs really higher, and if they are, wh ...
health insurance premiums by firm size
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