Jersey & Small Business health Insurance

Small Businesses Forced to Drop Health Coverage as Insurance Costs Soar 11.3 Percent in 2006, 80 Percent over Five Years
News Release:	Thursday, April 12, 2007
Contact:	Christopher Biddle, 609-393-7707, Ext. 227
Health insurance costs for New Jersey employers soared by an average of 11.3 percent to $7,561 per covered employee last year, NJBIA President Philip Kirschner said today in releasing the findings of the Association's 2007 Health Benefits Survey. This marked the fifth consecutive year in which actual or anticipated costs increased by more than 10 percent. Given the effects of compounding, the total average cost has grown by 80 percent over the last five years.* The survey found that fast-rising costs have taken a toll on the State’s smallest employers, those with 2-19 employees. Growing numbers of small businesses are dropping coverage altogether because they can no longer afford it. (click link for more...)