The Affordable Care Act changed many of the regulations affecting small businesses and insurance, and continues to do so. (Photo: Shutterstock) Group Health Insurance for Small Businesses: What You Need to Know
There is a little-known aspect of the Affordable Care Act that makes group insurance very accessible for small businesses.
September 26, 2022 at 07:00 AM
5 minute read
Small Business Adviser
The original version of this story was published on Law.com
Insurance is one of the larger expenses for businesses and individuals alike. According to the Kaiser Family Foundation (KFF), the average annual premiums in 2021 were $7,739 for single coverage and $22,221 for family coverage. Over the last year, the average premium for both single and family coverage increased by 4%. Even more shocking: the average family premium has increased 47% since 2011 and 22% since 2016.
Join our LinkedIn group, ALM's Small Business Adviser, a space where small business owners can gather to network, have discussions and keep up with the trends and issues affecting their industries. With increases like these, it's no wonder people are frustrated angry, and looking for ways to save. Recently, a business owner was explaining how angry she was because her individual health insurance plan, bought through the marketplace, had just increased premiums—again— and this time it was worse than before.
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