NFIB’s Holly Wade spoke on the value of employer-provided health coverage for Main Street businesses and the U.S. economy, as well as the burden of rising costs on small businesses
WASHINGTON, D.C. (Sept. 11, 2024) – Holly Wade, Executive Director for NFIB’s Research Center, testified before the U.S. House Committee on Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions in a hearing titled “ERISA’s 50th Anniversary: The Value of Employer-Sponsored Health Benefits.” Wade spoke on the role employer-provided coverage has played in the U.S. and on small businesses.
Wade testified:
“There is tremendous value in employer-provided coverage and in small businesses being able to provide robust, affordable health benefits to their employees. Unfortunately, almost all (98%) of small employers offering health insurance are concerned that the cost of providing health insurance to their employees will become unsustainable in the next 5-10 years. Over half of them (58%) were very concerned.”
“Small business owners who do not offer health insurance are often at a competitive disadvantage in attracting talent, but they overwhelmingly cite the cost of health insurance as the main reason they do not provide the benefit. Almost two-thirds of non-offering small employers say that health insurance is too expensive for them to offer it as a benefit.”
“As we mark the 50th anniversary of ERISA, it’s an opportune time to reflect on the role that employer-provided coverage has played in the U.S. and on small businesses. While most small firms remain fully insured, ERISA protections have been crucial in ensuring that even the smallest businesses can offer health benefits to their employees while having the flexibility and predictability to design benefits in a way that works best for them.”
“Moving forward, ERISA should be protected and strengthened to empower more small businesses with greater coverage choices under this framework, enabling them to offer valuable benefits that will contribute to their growth, stability, and success in the U.S. economy.”
According to NFIB research, the cost of health insurance continues to rank as the most burdensome issue for small business owners, a ranking it’s held since 1986. NFIB consistently supports measures that would empower more small businesses with greater coverage choices, enabling them to offer valuable benefits that will contribute to their growth, stability, and success in the U.S. economy.
