Even though several components of the Patient Protection and Affordable Care Act are already in place, a considerable number of small business owners aren't sure how it will ultimately affect them and the way in which they'll administer employee benefits.
In a recent online poll conducted by eHealth of approximately 440 small business owners around the country, nearly two-thirds of those surveyed said they were either unsure of how they were to provide health insurance to their workers or incorrectly stated the rules associated with the health insurance law.
More specifically, approximately one-third – 34 percent – of small business owners wrongly assumed that they were required to buy their employees health insurance in 2014. A similar percentage stated that they weren't clear about what their responsibilities were.
As eHealth points out, the PPACA, which was passed in 2010 requires small business owners who employ at least 50 full-time workers to offer employee benefit services to their workers by 2014. For those who have less than 50 full-time employees, the mandate is waived.
Small business owners were also confused about whether or not they will be taxed if they don't make these health services available. eHealth noted that approximately seven out of every 10 respondents either weren't sure or inaccurately stated their tax obligations as dictated by the PPACA. Just 31 percent correctly pointed out that they will not be subjected to a tax for failing to offer health coverage.
Something else the poll looked at was what, if any, cost-saving strategies small business owners would assume to reduce costs. The majority of those polled said they would cut their expenses by raising their employees' share of the premiums, while the remainder said they would alter their workers' deductibles.
