Press Releases

Over 90% of Business Owners Do Not Intend on Purchasing Health Insurance from the Government

November 2011 SB Authority’s Market Sentiment Survey Results

NEW YORK – November 29, 2011 – Newtek Business Services, NASDAQ: NEWT, The Small Business Authority, with a portfolio of over 100,000 business accounts, announced today the findings of its SB Authority Market Sentiment Survey, a monthly window into the concerns of independent business owners. Based on a poll of over 1,000 respondents, one of the key findings from the November survey is 88 percent of business owners do not think it is right for the Federal Government to force a state resident to buy health insurance.  In addition, only 9 percent believe they will have to purchase health insurance from the government while 53 percent believe the cost of healthcare is going to increase in the next two years.

The full November 2011 results showed the following:

Poll Question Poll Answer Percentage
Voters in Ohio recently voted to keep government from forcing participation in any health care system.  Do you think its right for the Federal Government to force a state resident to buy health insurance? Yes 12%
No 88%
Do you intend on buying health insurance from the government? Yes 9%
No 91%
Do you anticipate the cost of healthcare increasing or decreasing in the next two years? Increasing 53%
Decreasing 47%

Barry Sloane, Chairman, President and CEO of The Small Business Authority commented, “We are amazed that business owners do not truly understand the potential reality of the Patient Protection and Affordable Health Care Act more informally known as ObamaCare.  There is wide spread theory that the PPACA will clearly reduce choice for private carriers and allow remaining carriers to continue to raise premiums subject to government regulation.  If the Federal government, under the act, believes private insurers should not exist based upon pricing premium received versus coverage offered they effectively could eliminate this private sector business model.  We are not taking the position that this will happen, we are only taking the position that this may happen and so few business owners (9%) think of this as a possibility.  The Supreme court may rule the individual mandate and other parts of ObamaCare are unconstitutional and this would prove our survey participants were somewhat clairvoyant.”