Health costs are eating up a bigger chunk of payroll costs for very small businesses.
The pain of health care costs is nothing new. But this analysis, based on de-identified data from Chase business banking accounts, offers a more granular look at the disproportionate burden on the smallest businesses that often isn't captured by other data.For the typical small business with at least two employees and revenues of $600,000 or less, 12% of payroll costs went to health care benefits last year, the analysis found.The U.S.
"It is more difficult for these small businesses, which really are the engine of the of the economy, to thrive."The analysis is the latest to dive into the economic impacts of rising health costs at a time when small businesses are stillthis week found that a 1% increase in local health care prices lowered an employer's headcount by about 0.4%.
"One of the things that that I was thinking about most when starting up, was 'When can I hire that next person?'" Mendelson said about his previous role founding and running health consultancy Avalere Health. "There are a lot of factors that go into that decision, but your expense basis is a critical factor."Share on linkedin
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