While there are a variety of HR compliance issues that business owners need to account for before the Patient Protection and Affordable Care Act goes into effect, the majority of company managers and CEOs aren't sure about what they should be doing in order to abide by what's required of them, according to a recent poll.
The survey, which was conducted by services and financial product firm The Small Business Authority, found that more than half of independent business owners weren't aware of how they should prepare for the healthcare bill. Approximately 52 percent stated that they didn't know what they should be doing, while roughly one-quarter were preparing by reducing the employee benefits they provide to their workers. The remaining 25 percent said they were renegotiating their plans or reducing other business expenses.
"Small and independent business owners are still unsure of what actions to take for the health and welfare of their businesses and employees," said Sloane. "Many states are behind in setting up healthcare exchanges and establishing a set of rules for the operation of the exchange."
He added that small and independent business owners should seek advice if they're unclear about the various rules of the ACA now while there's still time.
This poll was conducted in June, before the Treasury Department announced they would be delaying the employer mandate portion of the ACA. While this may give business owners more time to achieve compliance, financial experts advise against procrastinating.
