The Affordable Care Act was signed into law in 2010, but still a huge majority of employers say they havent figured it all out yet. According to ADP Research Institute, more than 75% of midsize business owners say they lack confidence their organization understands all of the ACA regulations that apply to their business.
ADPs Midsize Business Owners study, which surveyed owners and executives at companies with 50 to 99 employees in July and August, found that less than a quarter of employers say they have all of the information and tools necessary to make the right decisions concerning health benefits for their employees.
Many businesses dont have a plan of action for dealing with health care, ADP says, reporting that nearly one-third indicate they have not put together a plan or strategy to control or lower the cost of providing medical insurance to employees. Still, four out of five business owners say they will handle their benefits strategies on their own and just 7% plan to outsource it, ADP says.
The study found that midsize employers who do have strategies for managing the ACA are using the following tactics:
· 56% cut costs of medical insurance
· 46% offer wellness programs
· 33% reduced the number of plans
· 29% capped part-time hours
· 25% reduced the number of insurance lines offered
Preventing any ACA-related issues from getting in the way of business goals is key, ADP says. This will be particularly true for those who try to tackle the changes within their own walls.