A new survey shows that, four years after being signed into law, about half of businesses understand and are prepared for the implications of the Affordable Care Act, also known as ObamaCare.
The Paychex Small Business Snapshot offers a look at how small business owners view the latest topics and issues affecting their business. It is developed by payroll processing, human resources, insurance and benefits provider Paychex, Inc.
Signed into law by President Barack Obama in 2010, the Affordable Care Act (ACA) has transformed the nation’s health care system, ushering in new regulations, requirements, and changes for business owners of varying sizes. This month’s snapshot highlights the level of understanding and preparedness business owners have when it comes to health care reform.
The Paychex Small Business Snapshot poll of business owners with 100 or fewer employees found that 54 percent of respondents said they understand what’s expected of their business, while another 30 percent only have a partial understanding, and 16 percent do not understand at all what is expected of their business in order to comply with the requirements of the ACA.
The survey was conducted between January 31 and February 3, 2014, and included more than 540 business owners in the United States. It has a margin of error of +/- 5 percent.
In a separate Paychex survey of small business startups with 50 or fewer employees, fewer than half (48 percent) of business owners feel their business is totally prepared for the changes to our health care system; while only 16 percent feel somewhat prepared, but still need more help; and the other 36 percent are not prepared at all.
To view the Paychex Snapshot, click here.