About 95% of respondents said health insurance costs rose in the last year, with a quarter of businesses that employed fewer than 200 reporting the intention to find cheaper alternatives
Mental health coverage is of growing importance for companies and employees — 39% more companies offered such insurance compared to the previous year
One-fourth of respondents reported dissatisfaction with their health plans from the country’s five dominant health insurance brands
AUSTIN, Texas, October 06, 2022--(BUSINESS WIRE)--Sana, a health care company providing high-quality, dependable health benefits to small businesses, today announced the results of its second annual SMB Employer Benefits Survey, which looks at the current state of health care across the small- and medium-sized business landscape.
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Sana canvassed more than 1,000 SMBs nationwide with fewer than 500 employees. The survey seeks to understand the challenges confronting decision-makers when managing employee insurance plans. Its results set a benchmark for industry trends and help employers and employees understand how their health care costs stack up to national norms.
"The current economic downturn is forcing many small businesses to make cost-cutting decisions," said Sana co-founder and CEO Will Young. "Among the most important is finding less expensive health plans."
Sana’s survey found:
About one-fourth of respondents that employed fewer than 200 people intended to seek cheaper health insurance — roughly 95% of respondents reported escalating health insurance costs this year.
The number of SMBs offering mental health assistance is up 39% over last year — employees today expect mental health coverage and SMBs are responding to demand.
Though most SMBs use Aetna, BlueCross Blue Shield/Anthem, Cigna, Humana or UnitedHealthcare for their health insurance, 25% report dissatisfaction.
Many businesses have taken difficult measures to get through the economic downturn, including cutting back or pausing all hiring (43%), reducing overhead costs (37%), layoffs or anticipated layoffs (18%), and reducing benefits offered (17%).
Last year’s inaugural report found comparable hurdles for SMBs, including:
More than a quarter of companies experienced health insurance costs rising by at least 10% each year.
A misunderstanding that companies are locked into their health insurance contracts for a year.
40% of individuals surveyed haven't switched health insurance carriers in more than five years.
Sana offers small businesses high-quality care at a lower cost — a solution increasingly important when one or two of the five-largest insurance carriers typically dominate each state’s market. Only payroll surpasses health benefits as companies’ largest expense category.
Sana’s customers often save up to 20% compared to legacy insurers once the company arrives in a new market. Around 35% of Sana’s new customers are offering benefits for the first time, often because they could not afford them previously.
Sana health benefits packages offer full medical, dental, vision and more without network restrictions or hidden fees. Sana boasts $0 virtual doctor visits, low co-pays and 95% customer-service satisfaction. In addition to primary care, Sana gives employees access to virtual care with providers specializing in pediatrics, maternity and mental health.
To access the full 2022 SMB Employer Benefits Survey, click here.
Sana provides small businesses with high-quality, dependable health plans at prices they can afford. Through value-based care, the Sana Care ecosystem of world-class providers, direct primary care, and more, Sana is reducing the cost of high-quality care. Sana makes it easy for employers to administer benefits and offers members simplified health plans and top-notch customer service. For more information, visit www.sanabenefits.com.
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