In the most recent Outlook Survey conducted by the National Association of Manufacturers (NAM), 74% of respondents named the cost of health insurance as their top business challenge.
And, its no wonder. Health insurance premiums in the manufacturing sector have increased from $6,549 for a family policy in 2000 to $16,538 in 2014.
Contributing to the angst are two components of the Affordable Care Act: the redefinition of small business, which will take effect Jan. 1, and the so-called Cadillac tax slated for 2018.
Redefining Small Business – Beginning Jan. 1, businesses with 51 to 100 employees will fall into the small-group category for health insurance purposes, a designation that likely will lead to higher premium costs.
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