Fewer than half of small businesses understand and are prepared for the changes required by the Affordable Care Act, according to a new survey of small business owners.
46% of Small Businesses (<100 Employees) Unsure of ACA Requirements
In the recent Paychex Small Business Snap Poll of business owners with 100 or fewer employees, just over half (54%) of respondents said they understand what's expected of their business, while another 30 percent only have a partial understanding. And, 16% do not understand at all what is expected of their business in order to comply with the requirements of the Affordable Care Act (ACA).
52% of Small Business Startups (<50 Employees) Unsure of ACA Requirements
In a separate Paychex survey of small business startups with 50 or fewer employees, fewer than half (48%) of business owners said they feel their business is totally prepared for the changes to the health care system. Only 16% feel somewhat prepared, but still need more help. And, the other 36% are not prepared at all.
The Paychex Snap Poll was conducted between January 31, 2014 and February 3, 2014. The participants in the snap poll were 543 business owners in the United States who have 100 employees or less. The poll has a margin of error of +/- 5%.
The Paychex small business startup survey was conducted between December 12, 2013 and January 8, 2014. The survey was conducted online with 250 U.S.-based start-ups, defined as businesses started in 2010 or later with one to 50 employees.
Small Business ACA Requirements
So, what are the ACA requirements for small businesses? Check out these related resources: