Lucas Group's New Survey Reveals Health Care Remains Top Concern for Businesses - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Advertise
    • Contact
    • Editorial Staff
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
October 29, 2014 Newswires
Share
Share
Tweet
Email

Lucas Group’s New Survey Reveals Health Care Remains Top Concern for Businesses

PR Web

Atlanta, GA (PRWEB) October 29, 2014

Health care costs continue to be top of mind for leaders of America's small and mid-sized businesses (SMBs). Exactly how companies are addressing that concern, however, varies widely across SMBs, according to the latest survey from Lucas Group, a national recruitment firm specializing in search and placement services for strategic business functions.

Each quarter, the SMB Job Generation Outlook surveys executive leaders on their economic opinions and hiring plans. The survey also gathers insights on how federal policy affects small and mid-sized businesses. In the third quarter, respondents weighed in on the Affordable Care Act (ACA) as they prepare for the employer mandate, which is set to begin in 2015 and requires businesses with more than 50 employees to provide health care coverage or pay fines.

Responding business leaders ranked health care costs the No. 1 challenge affecting their company, over talent availability, uncertainty in tax policy, domestic and international competition and environmental regulations. This chief concern is consistent with previous survey findings. Despite its persistency, only 45 percent reported they were ready for ACA implementation, a slight improvement over the 39 percent that responded similarly a year ago.

To address rising health care costs, SMBs are employing a variety of strategies (respondents were permitted more than one response):

   •  29 percent said they will review plans periodically and may change their health care provider or plan.
   •  25 percent will increase employee contributions.
   •  10 percent will enact higher deductibles/copays.
   •  10 percent will engage an employee health education/wellness program.
   •  9 percent will cut back on full-time employees or cut hours to part-time.
   •  6 percent will cut benefits.
   •  14 percent will do nothing and absorb the costs.
   •  22 percent cited other strategies. Some responses included: o "We expect a congressional exemption from ACA."
o "Will no longer hire smokers."
o "Charging more to customers." "We often hear politicians cite small and mid-sized businesses as those that may be affected most by the Affordable Care Act," said Scott Smith, Chief Marketing Officer at Lucas Group. "Our quarterly survey goes to the source, and while rising health care costs continue to appear unabated, SMBs across the country are struggling to find solutions that work for their companies, their employees and their bottom lines." Over the survey's history, respondents have consistently agreed that small and mid-sized businesses are the job generators of the U.S. economy. Although health care costs remain a challenge, 44 percent of respondents said they plan to hire additional employees in the next quarter, on par with the same time last year. Sixty-eight percent said they were somewhat or very optimistic about their company's economic prospects for the coming quarter and nearly 90 percent report their businesses to be either stable or growing. Other key findings from Lucas Group's Q3 survey include:

   •  78 percent said they were somewhat or very pessimistic about bipartisanship in the federal government, an all-time high for the survey and significantly higher than the 67 percent who responded similarly in the second quarter.
   •  59 percent said increasing the federal minimum wage to $10.10 per hour would have no impact on their business, marking another all-time high for the survey.
   •  61 percent said it is difficult or extremely difficult to find qualified candidates for open positions.

The SMB Job Generation Outlook is conducted by Lucas Group in coordination with Polaris Marketing Research and Dr. Goutam Challagalla, Associate Professor at the Georgia Institute of Technology Scheller College of Business. For the full Q3 SMB Job Generation Outlook, click here.

About the Survey
Conducted quarterly, the SMB Job Generation Outlook is a national survey of SMB top business leaders. The Q3 survey was conducted by Polaris Market Research on behalf of Lucas Group from September 1, 2014. Each of the 400 respondents was a CEO, CFO, COO, chairman, president, executive vice president and/or owner of their company. The survey covered a wide variety of industries with manufacturing, finance/insurance/real estate, business services and health care having the strongest presence. Seventy-three percent of the respondents were from small businesses with fewer than 500 employees.

About Lucas Group
Lucas Group is North America's premier executive search firm. Since 1970, our culture and methodologies have driven superior results. We assist clients ranging in size from small to medium-sized businesses to Fortune 500 companies find transcendent, executive talent; candidates fully realize their ambitions; and associates find professional success. To learn more, please visit Lucas Group at http://www.lucasgroup.com and connect with us on LinkedIn, Facebook, and Twitter.

Read the full story at http://www.prweb.com/releases/2014/10/prweb12281211.htm

Copyright:  (c) 2014 PRWEB.COM Newswire
Wordcount:  762

Advisor News

  • Are the holidays a good time to have a long-term care conversation?
  • Gen X unsure whether they can catch up with retirement saving
  • Bill that could expand access to annuities headed to the House
  • Private equity, crypto and the risks retirees can’t ignore
  • Will Trump accounts lead to a financial boon? Experts differ on impact
More Advisor News

Annuity News

  • Hildene Capital Management Announces Purchase Agreement to Acquire Annuity Provider SILAC
  • Removing barriers to annuity adoption in 2026
  • An Application for the Trademark “EMPOWER INVESTMENTS” Has Been Filed by Great-West Life & Annuity Insurance Company: Great-West Life & Annuity Insurance Company
  • Bill that could expand access to annuities headed to the House
  • LTC annuities and minimizing opportunity cost
More Annuity News

Health/Employee Benefits News

  • Trademark Application for “UHC” Filed by Unitedhealth Group Incorporated: UnitedHealth Group Incorporated
  • Dental insurer to close Worcester office, lay off staff of 50
  • 420 with CNW — Proposal Seeks to Cover Some Hemp Products Under Medicare Plans
  • Health insurance premiums rose nearly 3x the rate of worker earnings over the past 25 years
  • AMIDST REPUBLICAN INACTION, REED RALLIES SUPPORT FOR VOTE TO EXTEND KEY ACA TAX CREDITS FOR 3 YEARS
Sponsor
More Health/Employee Benefits News

Life Insurance News

  • On the Move: Dec. 4, 2025
  • Judge approves PHL Variable plan; could reduce benefits by up to $4.1B
  • Seritage Growth Properties Makes $20 Million Loan Prepayment
  • AM Best Revises Outlooks to Negative for Kansas City Life Insurance Company; Downgrades Credit Ratings of Grange Life Insurance Company; Revises Issuer Credit Rating Outlook to Negative for Old American Insurance Company
  • AM Best Affirms Credit Ratings of Bao Minh Insurance Corporation
More Life Insurance News

- Presented By -

Top Read Stories

More Top Read Stories >

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Slow Me the Money
Slow down RMDs … and RMD taxes … with a QLAC. Click to learn how.

ICMG 2026: 3 Days to Transform Your Business
Speed Networking, deal-making, and insights that spark real growth — all in Miami.

Your trusted annuity partner.
Knighthead Life provides dependable annuities that help your clients retire with confidence.

Press Releases

  • ePIC University: Empowering Advisors to Integrate Estate Planning Into Their Practice With Confidence
  • Altara Wealth Launches as $1B+ Independent Advisory Enterprise
  • A Heartfelt Letter to the Independent Advisor Community
  • 3 Mark Financial Celebrates 40 Years of Partnerships and Purpose
  • Hexure Launches AI Enabled Version of Its Platform to Power Life Insurance Sales
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Advertise
  • Contact
  • Editorial Staff
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2025 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet