Survey Shows High Cost of Insurance is One Reason Many Want to Leave CT

A recent survey conducted by InformCT found that 40 percent of all Connecticut residents would like to move out of the state over the next five years. Data gathered over the second quarter of 2016 found that many residents are dissatisfied with Connecticut’s lack of job opportunities, difficult business conditions and higher-than-average health insurance costs.
In general, 42 percent have considered moving – up from 32 percent a year ago. Those in the 18-to-25 demographic have the greatest desire to leave the state, but the figures decrease with age. Highlights from the data are:

• Two-thirds of those surveyed are concerned about health insurance. This amount is 12 percent greater than a year ago and the highest for the survey’s 18-month period.
• Half of those surveyed don’t believe the state’s economy is improving, which is up from 40 percent year ago. A third out of this group say finding a job in Connecticut is extremely challenging.
• Residents are split on business conditions – or the factors for starting your own business. Those in Fairfield and New London Counties say they’ve improved over the past year, but those in Middlesex, Windham and Litchfield say they’ve gotten worse.
• Of everyone surveyed, 61 percent think the state should invest more in its schools and communities, rather than solely in business. This amount is up from 52 percent a year ago.
• Many residents are worried about retiring. Specifically, 25 percent think they won’t have enough to retire on. Another 25 percent say refinancing their mortgage is part of their plan.
• However, more consumers continue to spend. Fueling this trend, 32 percent surveyed believe they’re financially better off than they were six months ago.

Have your insurance costs been an issue? Or, as a small business owner, have you found the state’s conditions a challenge for operation? Whether you’re looking for a personal policy or a BOP, turn to Ion Insurance to explore your options. For more information, give us a call at 203.439.2815.