Even though the mandate requiring business owners to make employee benefits available to their workers has been pushed back until January 2015 – a move made to make HR compliance easier for company executives – a new poll suggests that many of these business owners already have already made the appropriate adjustments.
The poll, which was conducted by PricewaterhouseCoopers, found that most private companies – 72 percent – consider themselves to be financially prepared for the requirements they need to implement in order to abide by the ACA mandate. However, one in five indicate that they need to take some additional steps in order to comply more fully. Additionally, 21 percent say that not only are they not yet in compliance, but they don't know what actions they need to take in order to achieve it.
Ken Esch, who heads PwC's company services practice, indicated that the extra 12 months employers have to achieve full compliance will be a boon for business owners, so long as they take advantage of the extended time period.
"Business owners should look forward to the Treasury Department's upcoming implementation guidance, as well as take advantage of the additional time by treating 2014 as a pilot year during which their companies can fully adapt health coverage and reporting systems," said Esch. "Taking such actions should help ensure a smooth transition in 2015."
While there's some differentiation in how prepared business owners are for the ACA, consumers' awareness about health insurance in general appears to be lacking. According to a separate study conducted by consulting and professional development organization LIMRA, nearly eight in 10 consumers who took part in a basic knowledge health insurance test failed it. Further, only one in 10 answered at least seven questions correctly.
