Streams

Small Business Indicators: Insurance Costs

Tuesday, March 10, 2009 - 12:43 PM

paperwork from neilsphotoalbum on flickr

paperwork


One of the underlying goals of our Uncommon Economic Indicators project is not just to gather interesting stories, but to try and notice patterns, connect listeners, and possibly affect some change for the better. We recently did a segment inspired by a UEI submission that read, in part:


I work for a small internet company in NYC. We have employees all across the country - this month we have to renew health insurance plan. The company I work for contributes an annual sum to each employee for health care - they raised their sum as much as possible - 20%. (You can read the whole post here.)

Jumping off of this post, we've teamed with WNYC reporter Fred Mogul to look in to whether this is a widespread phenomenon. We launched a comments thread and did an on-air call for small business owners to tell us how much their rates have increased and the effect it's having on their employees. You can see the comments thread here. and listen to the audio below.



Fred will be looking at the submissions, and we'll see if this uncommon indicator reflects a larger trend that deserves a little more media investigation. And, of course, if you're a small business owner, share you story here. And the rest of you, keep posting your stories to the main UEI page

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Comments [2]

TJ Mitchell

In regards to medical insurance. Congress won't step in because the Modifiers which dictate the premiums are done on a State, City basis. NYC is one of the highest medical modifiers plus your company is thrown in with every other company in the zip code so even if you don't have a lot of claims you can still get hit with large increases. Your company can look at PEO relationships which allow our size to benenfit with much smaller increases. However, you need to look at PEO's who don't broker the medical so the cost can be contained. Also, with Multi State employees I'm sure you deal with different state regulations. For example if you have people in California the rules there are much different then here especially in these times the states are looking for violations to pay the bills.Current score: 0 (to vote for this comment, please visit the site)
P.S. - Sorry, forgot to tell you great post!

Mar. 11 2009 04:21 AM
TJ Mitchell

In regards to medical insurance. Congress won't step in because the Modifiers which dictate the premiums are done on a State, City basis. NYC is one of the highest medical modifiers plus your company is thrown in with every other company in the zip code so even if you don't have a lot of claims you can still get hit with large increases. Your company can look at PEO relationships which allow our size to benenfit with much smaller increases. However, you need to look at PEO's who don't broker the medical so the cost can be contained. Also, with Multi State employees I'm sure you deal with different state regulations. For example if you have people in California the rules there are much different then here especially in these times the states are looking for violations to pay the bills.

Mar. 10 2009 02:15 PM

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