Dental insurance most popular benefit option for Colorado small businesses
Half of Colorado’s smallest businesses are considering changing health insurance carriers for 2015 and dental insurance is the most important option to these businesses, according to results of a recent statewide survey of small businesses commissioned by Delta Dental of Colorado.
Nearly nine in 10 Colorado small business owners and benefits decision-makers consider employee benefits “extremely” or “very” important, and a majority see benefits getting more important in the future as a way to attract and retain talent. Among ancillary benefits, dental insurance is the most popular option, with nearly eight in 10 businesses offering dental coverage.
“Small business owners told us they are in a state of ‘jump ball’ when it comes to health benefits, and they are open to change,” said Kate Paul, CEO of Delta Dental of Colorado. “They are feeling the effects of the Affordable Care Act(ACA) and see more change ahead. But despite the uncertainty, they value health benefits – including dental coverage – more than ever.”
Among businesses with five to 49 employees, half are considering changing their insurance carrier next year, while the other half felt “extremely” or “very” confident that they would renew with their current carrier. Larger businesses with 50 to 100 employees are more likely to keep their current carriers, with seven in 10 saying they were “extremely” or “very likely” to stay with current plans.
The results are among the key findings of Delta Dental of Colorado’s 1st Annual Colorado Small Business Health Benefits Survey, a telephone survey of 320 small business owners and benefits decision-makers across Colorado conducted in August and September. Other findings include:
• More than half of Colorado’s smallest businesses (under 50 employees) say the ACA has impacted their benefits offerings, with most citing increased cost.
• Nearly six in 10 small businesses expect more change in 2016.
• Seven in 10 small businesses say insurance brokers are more important because of the ACA.
• While awareness of the Small Business Health Options Program (SHOP, an ACA marketplace specifically for small employers with 50 or fewer employees) is low, a majority of small businesses would consider using it for their employee benefits 2016.
“These findings reflect what our members are experiencing coming into Open Enrollment – change is happening and small businesses need help navigating the new health care landscape,” said Kelly Brough, president and CEO of the Denver Metro Chamber of Commerce and Board member of Delta Dental of Colorado. “This is critical information for all of us who serve small businesses on a daily basis. We must continue to engage owners and benefits decision-makers about the impact of the ACA on their businesses.”
For full survey results visit: http://www.deltadentalco.com/healthbenefitssurvey.aspx.