The Silicon Valley Leadership Group is deeply committed to making health care more accessible and affordable to all. Employers, along with the government, are the largest payers of health care costs and are critical stakeholders in the process of negotiating health care reform. While we remain committed to providing health insurance to employees, employers in the Silicon Valley and across the country cannot sustain current levels of premium increases without cost shifting to employees or making their business
es significantly less competitive and unprofitable.
Health insurance expenses are the fastest growing cost for employers and are expected to grow 6.5 percent in 2017. In 2015, the private business share of health spending accounted for nearly 20 percent of total health care spending in the U.S.
We recognize that expanding coverage to millions of Americans is a significant achievement and hope to see popular employee benefits continue including no co-pays for preventative services, no annual or lifetime limits on coverage, and expanded coverage for children up to age 26, including foster youth.
Finally, we hope that the federal government can set standard regulations to simplify the current system of both federal and state-by-state requirements. There should also be a review to eliminate costly and complex regulations that add barriers to business operations, but do not add value, and improve current ones to reduce enormous operating costs for employers, providers and insurers.