Small business owners and entrepreneurs throughout the US are facing impossible choices because of the skyrocketing costs of health insurance premiums, and, in many cases, the lack of access to coverage. Here are some of their stories.
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Sterling Place | Brooklyn, New York
Antique and Gift Store Owner
Sold on Affordable Care Act
Elizabeth Crowell
Sterling Place
Brooklyn, New York
Founded in 2004
Full-time employees: 4
Antique and Gift Store Owner Sold on Affordable Care Act
As a small antique dealer in the Big Apple, Elizabeth Crowell faces both challenges and opportunities. Though her rent is high and competition fierce, Elizabeth has a sizeable customer base and sells items in a valuable, niche market. These are the realities of owning a small business in a large city. Yet another facet of Elizabeth’s two specialty gift and antique shops is the high cost of health insurance, an expense that can easily cut into profits and future expansion plans.
Elizabeth has provided health coverage for herself, her business partner and two employees since December 2008. She pays a monthly premium of around $475 per person, and like many other small employers, has seen her costs rise dramatically over the years.
“Healthcare is the one expense that’s off the charts,” she said. “Everything else is a reasonable increase. We can’t grow our business to keep up with the premium increases. It’s just too expensive.”
Elizabeth received some immediate financial relief thanks to the Affordable Care Act by claiming a tax credit on her 2010 taxes, but she likes to look at the bigger picture. The health insurance exchanges, which will allow businesses like Elizabeth’s to pool with other small firms, will help lower premiums and provide more choice. Elizabeth plans on using them when shopping for coverage once they are set up in 2014.
“In the short run, the tax credits definitely give me money to potentially hire another employee or bring a part-time employee up to full-time status, “ Elizabeth said. “I’m hopeful we’ll see other benefits, especially all of the savings from the exchanges, in the long run.”
