Many Employers Don’t Understand Health Reform
Many human resource professionals and benefit decision makers at companies of all sizes are not confident that their organizations understand their new responsibilities under the requirements of the Affordable Care Act (ACA). Also, preparedness for key upcoming ACA regulations varies greatly across different sized companies.
ADP recently surveyed more than 800 human resource and benefit decision makers to gauge employers’ attitudes and behaviors about the future of health care benefits in general and impending ACA regulations.
Sixty-four percent of benefit decision makers at small businesses (on to 49 employees) say the U.S. health care landscape is going through profound change as do 52% of decision makers at midsized companies (50-999 employees) and large (1000+ employees) organizations.
Jan Siegmund, chief strategy officer of ADP said that half or more of small and midsized companies are not prepared to meet the newly-required summary of benefits and coverage required by the ACA. Just 40% of respondents from large organizations are very confident about their understanding of employer requirements under the ACA while even fewer respondents in small companies (20%) and midsized companies (17%) expressed that same level of confidence.
Moreover, 67% of human resource and benefit decision makers at small companies were unaware of the upcoming employee notification requirement about public exchanges as were 62% of those at midsized companies and 32% of those at large organizations.
Sixty-six percent of large companies are ready to provide the newly required summary of benefits and coverage as are 50% of midsized companies and just 31% of small businesses. For more information, visit:http://www.adp.com/pdf/KeyFindingsShiftingUSHealthcareLandscape.pdf
