Small Business Health Insurance Insights February 2024

This report presents findings from a survey of 560 owners and managers of small to mid-sized businesses regarding health insurance challenges and trends as of February 2024. The survey reveals that 82% of respondents find it harder to hire and retain good workers compared to three years ago, with 92% indicating that offering group health insurance is important for their businesses. However, rising health benefit costs are a significant concern, with 44% of those offering coverage expressing they are very worried about increasing costs. The report also highlights that nearly half of the respondents employ gig or contract workers, and many are unaware of new federal rules that may require these workers to be offered health benefits. Additionally, the report discusses the lack of awareness surrounding individual health coverage reimbursement arrangements (ICHRAs), which could provide alternatives for small businesses struggling with health insurance costs.