If you own a small business, it’s fairly likely that health insurance costs are one of your worries. And if so, you may wonder how your small business health insurance premiums stack up against everyone else’s. Well, a new survey from America’s Health Insurance Plans gives us all some perspective on small business health insurance costs.
According to the survey, the average monthly premium for small-group health insurance last year was $426 for single coverage and $1,117 for family coverage. And, no surprise, the smaller the business in terms of headcount, the greater its healthcare costs. Small businesses with 10 or fewer employees paid an average monthly premium of $446 for single coverage last year, compared with just $406 for firms with between 26 and 50 employees. And businesses with between 11 and 25 employees paid an average of $419 per month for single coverage.
Health insurance premiums also varied by state and geographic region. Among states with substantial enrollment represented in the survey, average monthly premiums ranged from a high of $565 for single coverage in West Virginia to a low of $302 for single coverage in North Dakota.
America’s Health Insurance Plans is a national association for the health-insurance industry. The survey’s findings were based on responses from more than 477,000 businesses with 50 or less employees, although nearly three quarters of respondents had 10 employees or less.
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