For small businesses, options for providing healthcare are limited, but Philly-founded startup StretchDollar aims to provide a third choice.
Small businesses can easily spend hundreds of hours setting up a small group plan, incurring costs of around a thousand dollars per employee each month — and still end up with a plan staff might not appreciate due to high copays, high deductibles, and narrow networks.
Or, small business owners can choose to do nothing. Of the 44% of small US employers that don’t offer health insurance, nearly two-thirds said the reason is it’s too expensive, according to a 2023 survey by the pressure group National Federation of Independent Business.
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