FOR IMMEDIATE RELEASE

Media Contact
Janel Knight Trulear
janel@emccommunications.com
(617) 875-6581

Michigan small business owners say the healthcare market is broken, broadly support solutions to bring down costs

As the average annual price for employer-sponsored family health coverage reaches $23,968, Michigan small business owners say the high costs are hindering their ability to grow and hire and support a wide range of policies to rein in costs.

Wednesday, December 13, 2023– The Michigan responses in a new national Small Business for America’s Future survey of 1,015 small business owners across the country reveals that 94% believe that the current healthcare market is not functioning effectively and shows strong support for legislative solutions ranging from regulating anti-competitive practices to boosting price transparency in billing in order to bring down the costs. 

Eighty-four percent of Michigan small businesses participating in the survey said that the cost of healthcare impacts their businesses and constrains their ability to grow and hire and causes them to raise prices for their goods and services. Annual premiums for employer-sponsored family health coverage reached $23,968 in 2023, with workers on average paying $6,575 toward the cost of their coverage. 

“Small business owners in Michigan are facing an uphill battle as healthcare costs continue to rise, hindering our ability to thrive and invest in our communities,” said Latricia Wilder, Owner of Love Yourself, LLC and Vibe Ride Detroit. “The survey results underscore a desire for policy solutions to ease the burden of healthcare costs. It’s not just about numbers, it’s about the everyday challenges we face from providing affordable health insurance to our employees to navigating the financial strain of escalating premiums.” 

Key findings from the survey include: 

• 90% experienced increased premiums last year, with nearly one in two facing more than a 15% hike, indicating the severity of rising healthcare costs.
• 84% of the small business owners surveyed indicated that healthcare costs have an impact on their business’s bottom line.
•  55% of respondents do not offer health insurance, mainly hindered by the high cost (68%), emphasizing the necessity for affordable healthcare options.

Small business owners survey showed considerable support for legislative measures like price transparency (76%), site-neutral billing (66%), facility fees (82%) and regulating anti-competitive practices (76%).

“Owning a small business comes with its share of challenges, and healthcare costs are at the forefront,” said Latricia. “The call for policy solutions is a plea for support from legislators, emphasizing the need for practical measures that will make healthcare more affordable and sustainable for Michigan’s small businesses.”

View the Michigan and national survey reports here. 

To schedule an interview with SBAF network member Latricia Wilder or other small business owners contact: Janel Knight Trulear at janel@emccommunications.com or (617) 875-6581.

# # #

About Small Business for America’s Future
Small Business for America’s Future is a coalition of small business owners and leaders nationwide working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize Main Street by advancing a just and equitable economic framework that works for small business owners, their employees and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF