Workers, Businesses in Search of Cheap Health Insurance

More workers could find themselves in the market for cheap health insurance as a growing number of companies scale back on benefits because of rising costs.

A recent Wall Street Journal report notes that employers have seen premium costs for single workers rise by 74 percent since 2001, and that one recent survey shows that as many as 10 percent of small businesses are considering dropping their health plans in the next year.

The Journal also points out that a 2005 survey found only 3 percent of business owners were thinking of eliminating health coverage.

Some of this data comes from the National Small Business Association, which released survey results this spring saying that only 38 percent of small businesses were able to provide their employees with insurance. That figure stood at 67 percent in 1995.

The group also reported that as of 2008, 28 percent of small business owners were experiencing 20 percent annual increases in healthcare costs, and warns that along with harming workers, the costs are also making it more difficult for people to launch successful small businesses.

Considering these statistics, a larger number of workers than ever may find themselves shopping for cheap health insurance in the coming years.

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