Only 40 percent of human resource decision makers from large organizations are confident that they have a solid understanding of the requirements they will face under the Patient Protection and Affordable Care Act (PPACA).
Among small and mid-sized companies, the percentages are even lower, according to an ADP Research Institute survey. At most, 20 percent are confident in their understanding. About two-thirds of personnel in charge of human resources or employee benefits indicated they were not aware of the notification requirements about public exchanges, which are approaching.
At large companies, nearly one-third of HR and benefit decision makers revealed a similar lack of awareness. These results suggest companies must focus more of their time and resources on developing an understanding of the legal obligations they will soon face or be caught unprepared and risk HR compliance violations.
Many companies also told researchers that they are unprepared to provide employees with a Summary of Benefits and Coverage, a form that will soon be mandatory. HR professionals should study the PPACA more carefully as soon as possible. Firms which lack internal expertise may need to turn to outside advisors and specialists for help with understanding what is required of them.
