In a study conducted by The Commonwealth Fund, it was revealed that more than half of small business owners support Medical for All, says Common Dreams. This amounts to around 58% of small business operators in the country. This comes in light of the high costs of private insurance.
The study analysed the responses of 500 businesspersons who provide health benefits to their employees. showed that 37% of these entrepreneurs consider the cost of providing health insurance to their staff as the biggest challenge for their businesses.
In addition, 43% of the respondents find the lack of choices in health care plans a huge challenge in proving health care insurance. Forty percent are challenged by the increasing prices of prescription drugs, followed by the changing government regulatory laws (36%).
In order to decrease the cost of health care provision by making adjustments to their plans. Forty-eight percent boosted deductibles or copayments, while 29% negotiated with their providers. Around 27% switched carriers. A portion of respondents also required their staff to contribute higher premiums (25%).
When asked about who to blame for rising medical coverage costs, 61% said that pharmaceutical companies are very responsible, while 60% blame insurers. Forty-six percent find the federal government very responsible and 29% look to the direction of health care providers such as doctors and hospitals.
With such figures, Medicare for All advocates such as the Business for Medicare for All coalition says that “Medicare for All is the only solution to our healthcare cost crisis” which can relieve both workers and employers.
Meanwhile, 33% of small business owners consider attracting new potential clients as the biggest issue their company faces, while 28% find increasing cost of business (non-insurance) as burdensome. Other huge issues small-time entrepreneurs face includes attracting and retaining quality employees, taxes and competition with big businesses and corporations.