The Affordable Care Act (ACA) – commonly referred to as Health Care Reform – is now a definitive reality, bringing with it perhaps the most complex compliance challenge for midsized businesses in U.S. history.
Of note, many businesses may not be adequately prepared. According to a study from the ADP Research InstituteSM, only 17% of human resources and employee benefits decision makers at midsized companies are highly confident that they understand their responsibilities under Health Care Reform.1
At the same time, the escalating cost of complying with Health Care Reform is among the critical challenges confronting employers. More than 80% of decision makers at midsized businesses surveyed in the same ADP study think the cost of supplying employer-sponsored health insurance will be a barrier to their company achieving its business goals.2
With several of the legislation’s coverage and compliance mandates already implemented, and even more taking effect in the coming weeks and months, this paper provides essential information midsized businesses need to know now about Health Care Reform.
1, 2 HR Compliance: Are Employers Ready for Health Care Reform?, ADP Research Institute, May 2012