The health insurance law was the topic du jour throughout much of 2013, as the Affordable Care Act went fully into effect and many people without health insurance or employee benefits accessed the exchanges to buy plans. Because there was a lot of debate over the wisdom of the ACA – which requires all Americans who are capable to buy a health policy – one would think that everyone is aware of the coverage mandate.
But, based on a new survey, a considerable number of Americans are still in the dark on the ACA.
According to a new report from the Transamerica Center for Health Studies, among those who are still uninsured, nearly half – 46 percent – have never heard of the individual mandate. Additionally, nearly 45 percent aren't aware of the health care exchanges, the marketplaces that the ACA developed that a growing number of insurers are participating in.
What business owners may be taken aback by is how many of their fellow entrepreneurs aren't cognizant of some of the ways in which they can provide workers with employee benefits. For example, the poll found that for small businesses with 50 employees or fewer, only 50 percent are aware of the Small Business Health Options Program Marketplace. Businesses that satisfy eligibility requirements may be able to buy group plans through these outlets, TCHS noted.
Starting next year, companies with 100 employees or more will be required to provide employee benefits to their workers. The mandate kicks in the following year for those who have less than 100 staff members but more than 50.
Uninsured rate declining, most surveys show
Various polls have come back with different, but similar findings about how many people remain uninsured. According to official government numbers, slightly more than 13 percent of Americans didn't have a health plan through all of 2013. However, based on polling data from Harris Interactive, the uninsured rate is likely closer to 15 percent, down from 22 percent in November 2013.
The biggest takeaway from the TCHS report is the high rate of unawareness about the coverage mandate. Business owners who haven't briefed their workers about the ACA – or haven't done so for awhile – may want to think about providing them with resources about the marketplaces so that they can determine if this is something they want to consider.
"Exchange technology helps move health insurance shopping toward consumerism, allow for the right-sizing of benefits, and decrease costs for employers performing administration," said Michael Trilli, senior analyst for independent research and advisory firm Aite Group. "However, the existence of an exchange platform does not negate the need for personal interaction to ensure the right plans are offered and employees are making the right decisions on tough, complicated issues."
The U.S. Department of Health and Human Services recently projected that the health exchanges will have 25 percent more participating insurers in 2015 than when the marketplaces first opened.
