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Report shows small business owners typically spend $500 per month on health insurance premiums
Today, the JPMorgan Chase Institute released new data showing small business owners who purchase their health insurance on the individual marketplace are facing growing premium costs that are outpacing revenues operating expenses. In 2014, 16 percent of individual market participants were self-employed.
While growth rates in insurance premiums have slowed in recent years, from 10 percent in 2014 to 7 percent in 2017, typical small business owners still spend about $500 per month on premiums to cover themselves and/or their families. Additionally, the data show small business owners who paid at least 6.5 percent of their expenses toward healthcare costs in 2016 were more likely to stop making healthcare payments and perhaps left the marketplace entirely in the following year.
The report, Paying a Premium: Dynamics of the Small Business Owner Health Insurance Market provides insight into the decisions of small business owners as participants in the individual health insurance market and a unique perspective into the magnitude of health insurance premiums relative to other operating expenses small business owners face.
"The majority of America’s small business owners face a real financial burden when purchasing insurance for themselves and their families," said Diana Farrell, President and CEO, JPMorgan Chase Institute. "Small businesses operate under fragile circumstances, with the average small business having only 27 cash buffer days. These businesses are significantly vulnerable to revenue shocks and health insurance premiums represent a material and growing operating cost for these business owners. As policymakers consider the path forward on healthcare, it’s important to keep these small businesses in mind as we look for solutions."
More than 75 percent of small businesses are nonemployer firms, including sole proprietors, contractors and freelancers, representing the overwhelming majority of America’s small businesses. Of the 29.6 million small businesses in the US in 2014, 23.8 million were non-employer firms.
While issues faced by small employers who offer health insurance have drawn significant attention, there is limited research on the topic for nonemployer small businesses.
Some of the report’s key takeaways include:
The sample was constructed from more than 30,000 nonemployer firms who hold business banking deposit accounts with Chase and also make regular health insurance premium payments from those accounts. The JPMorgan Chase Institute used the 117 million anonymized transactions from these businesses to produce a monthly view of health insurance premium payments and other operating expenses from January 2014 to April 2017. To support some analyses of within-firm payment changes, the JPMorgan Chase Institute also constructed a panel sample, comprised of 3,505 firms that appear in the cross-sectional sample (described above) every month.
Key Findings: Paying a Premium: Dynamics of the Small Business Owner Health Insurance Market
C lick here to read the full report.
About the JPMorgan Chase Institute
The JPMorgan Chase Institute is a global think tank dedicated to delivering data-rich analyses and expert insights for the public good. Its aim is to help decision makers–policymakers, businesses, and nonprofit leaders–appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use better facts, timely data, and thoughtful analysis to make smarter decisions to advance global prosperity. Drawing on JPMorgan Chase & Co.’s unique proprietary data, expertise, and market access, the Institute develops analyses and insights on the inner workings of the global economy, frames critical problems, and convenes stakeholders and leading thinkers. For more information visit: JPMorganChaseInstitute.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20171116005218/en/
JPMorgan Chase InstituteCaitlin Legacki, 202-585-3702caitlin.a.legacki@jpmorgan.com
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