DENVER – Half of Colorado’s smallest businesses are considering changing health insurance carriers for 2015, according to results of recent statewide survey of small businesses commissioned by Delta Dental of Colorado.
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.
‘Jump Ball’ for Colorado’s Smallest Businesses
“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 and see more change ahead. But despite the uncertainty, they value health benefits – including dental coverage – more than ever.”
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.
Other findings of Delta Dental of Colorado’s 1st Annual Colorado Small Business Health Benefits Survey include:
Knowledge Gap Remains
The research revealed a knowledge gap among Colorado small businesses, with only four in 10 feeling knowledgeable about the impact of the ACA on their businesses. Businesses outside the Denver Metro area reported feeling the least knowledgeable about the ACA.
“The findings in the Delta Dental small business survey reflect what our small businesses share that they are experiencing coming into Open Enrollment – change is happening and small businesses in particular need help navigating the new healthcare landscape,” said Chris Romer, president and CEO of the Vail Valley Partnership. “This information is important for all of us who serve small businesses on a daily basis to understand. It is clear that we must continue to engage owners and benefits decision-makers about the impact of the ACA on their businesses, given the uncertainty that small business owners have regarding the ACA.”
When It Comes to Benefits, Size Matters
Delta Dental of Colorado’s 1st Annual Colorado Small Business Health Benefits Survey revealed several key differences among Colorado’s smallest businesses (under 50 employees) and their larger counterparts.
“When you are talking to Colorado small businesses about employee benefits, size really does matter,” said Karl Weiss, president of Colorado-based Market Perceptions & HealthCare Research, which conducted the research. “Among the smallest businesses with no dedicated human resources managers, owners are the most likely to feel uneducated about the ACA and open to changing the way they provide employee benefits, including moving to the SHOP. Larger businesses with dedicated HR managers tend to be more educated about the ACA and more confident in the benefits packages they have created, at least for now.”
For full survey results visit: http://www.deltadentalco.com/healthbenefitssurvey.aspx