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Janel Knight Trulear
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(617) 875-6581

Washington small business owners brace for 8.9% premium hike, seek solutions to soaring healthcare costs

As the average annual price for employer-sponsored family health coverage reaches $23,968, Washington 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 Washington State responses in a new Small Business for America’s Future survey of 1,015 small business owners across the country reveals that 97% participants surveyed experienced increased premiums last year, with nearly one in three facing more than a 15% hike, indicating the severity of rising healthcare costs. The survey also 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.

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. Eighty-one percent of Washington 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. 

"As small business owners in Washington state, we're feeling the pinch of soaring healthcare costs more than ever. These escalating expenses are not just a threat to our financial stability, but they also hinder the growth potential of our businesses,” said Jill Nelson,Owner of Hot Diggity!. This sentiment is no surprise in Washington as enrollees including small business owners participating in open enrollment on the state’s individual health insurance marketplace can expect an 8.9% increase in premiums next year. Small business owners strongly support bold action, with 94% who believe that the current healthcare market is not functioning effectively and is in need of an overhaul. Lawmakers should build on progress in Washington state and continue momentum to rein in rising healthcare costs. 

Key findings from the survey include: 

• 84% indicated that healthcare costs have an impact on their business’s bottom line. 
• 51% of respondents do not offer health insurance, mainly hindered by the high cost (56%), emphasizing the necessity for affordable healthcare options.
• Small business owners survey showed considerable support for legislative measures like price transparency (76%), site-neutral billing (73%), facility fees (82%) and regulating anti-competitive practices (76%).

“As an entrepreneur, I’ve faced tough decisions like delaying hiring and contemplating price increases due to the burden of these rising costs,” said Jill. “It's clear that we can't shoulder this burden alone, and that's why we're urging our legislators to step in with practical, common-sense solutions. The bipartisan consensus shown in recent surveys underscores just how crucial it is to tackle these challenges.” 

View the Washington and national survey reports here. 



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

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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