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Survey: How COVID-19 is Transforming Northern California Small Business Health Insurance Needs

Survey: How COVID-19 is Transforming Northern California Small Business Health Insurance Needs

Survey: How COVID-19 is Transforming Northern California Small Business Health Insurance Needs

Nov 4, 2020, 2 Minute Read

To learn how COVID-19 has impacted the health of Northern California small businesses, and how they’re thinking about the health of their employees, the Harris Poll on behalf of Cigna + Oscar conducted a survey of over 1,000 U.S. health insurance decision-makers from May 14 to 26, 2020.

Insights from this survey of San Francisco small business owners revealed:

How San Francisco small businesses are thinking about employee health care:

San Francisco’s small businesses ranked dental and vision as the most important (22%), followed by wellness benefits (21%) and health insurance (17%). Other benefits cited include paid time off (16%), flexible or remote work options (13%), and financial planning (11%).

Cigna + Oscar Survey Chart 1

Top 6 factors that would influence small businesses to change their health insurance provider:

Among the health insurance factors that have become most important, small businesses said that cost is as important as ever; selecting communications and resources to stay informed about COVID-19 (74%); flexible options to support recovery from COVID-19 (74%); and flexible options and affordable co-pays (72%).

Unrelated to cost, they’re also prioritizing a broad network of doctors, hospitals, and specialists (75%); flexible options to support their business’s recovery from COVID-19, and help their business and employees get the most from their plan (71%); and with local physicians similar to the ones they have within their network already (71%).

What San Francisco small businesses want in a health insurance provider:

More than half (59%) of small businesses are considering changing their health insurance company ahead of 2021 — 21% higher than the national average of 38%. Another 11% are unsure whether they’ll keep their insurance provider, bringing the total of those who might switch to 70%.

The survey also found that the demand from employees for health coverage has increased, with 71% of San Francisco small business owners indicating this shift.

Cigna + Oscar Survey Chart 2

Respondents said that a top influencing factor in changing their health insurance carrier is finding one that can provide immediate savings through a lower monthly premium and one that better understands and cares about their business and employees; followed by a larger network of top doctors, hospitals, and specialists, and 24/7 telemedicine service integrated into their plan.

These findings indicate that San Francisco’s small businesses want support from a true partner—one who understands the unprecedented challenges they’re dealing with. To address your clients’ needs and optimize your sales efforts, access the survey for more detailed insights.

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Questions?
Contact your Claremont team at 800.696.4543 or info@claremontcompanies.com.