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Benefits April 24, 2014
Many Small Businesses Not Prepared for ACA Changes
April 24, 2014 (PLANSPONSOR.com) – Only about half of U.S. small businesses polled say they both understand and are prepared for changes called for by the Patient Protection and Affordable Care Act (ACA).
Reported by Kevin McGuinness
Payroll services provider Paychex’s recently released Small Business Snapshot highlights the persistent lack of understanding and preparedness among some business owners when it comes to ongoing health care reform.
The poll found 54% of respondents say they understand what is expected of their business when it comes to the ACA. Thirty percent say they have only a partial understanding, and 16% say they do not understand at all what is expected of their business in order to comply with the requirements of the ACA.
In a separate Paychex survey of small business startups with 50 or fewer employees, only 48% of business owners feel totally prepared for the changes to the health care system as per the ACA, while 16% feel somewhat prepared, but still need more help. Thirty-six percent say they are not prepared at all.
The Snapshot poll was conducted between January 31 and February 3. Respondents included nearly 550 business owners in the United States who employ 100 employees or less. The Paychex small business startup survey was conducted online between December 12, 2013, and January 8, 2014, with 250 U.S.-based startups, defined as businesses started in 2010 or later with one to 50 employees.
An infographic containing the results of the Paychex Small Business Snapshot can be found here.