When the Affordable Care Act came into being many people wondered about the future of employer sponsored health coverage, but it turns out that company coverage has been declining for more than a decade.
A study from the Robert Wood Johnson Foundation shows that eleven percent fewer firms in Connecticut offer health care than a decade ago. Fifty-five percent still offer plans, down from more than 66 percent in 2004.
The fall has been steepest among small businesses. Employee participation has also fallen off. Although almost all big companies continue to offer health care, only 73 percent of employees sign up, down eleven percent in a decade.
Those who do sign up are paying more. The cost of health insurance has risen 45 percent over that period.
Alexion CEO Steps Down
Pharmaceutical company Alexion has announced a leadership shakeup.
Company co-founder Dr. Leonard Bell is stepping down as CEO. He’ll be replaced by the current Chief Operating Officer, David Hallal.
Bell will remain as chairman. Alexion has seen record sales of its drug Soliris in 2014. The treatment for a rare blood condition has become a blockbuster for the company.
Boost for New Britain Toolmaker
New Britain’s Stanley Black and Decker surprised the market with stronger than expected earnings news Thursday. The toolmaker saw a 16 percent bump in profits from continuing operations in the fourth quarter. Rising sales and prices both contributed to the positive news.