As the political fray over Obamacare (Affordable Care Act– ACA) continues to heat up, it appears that many businesses are taking a more relaxed attitude toward the brawling.
According to a recent survey by consulting firm PwC, 72% of medium and large companies surveyed feel their companies are prepared for the new rules they must comply with under the ACA. The executives interviewed represented 210 medium-sized and large companies. More than half the firms polled say they’re already in compliance with the requirements.
Furthermore, according to the survey, any thoughts that the ACA was going to close the doors on hiring are not looking to pan out that way. For sure, opponents claim that Obamacare and Business is a deadly mix: Hours and wages will be reduced, thus putting the brakes on any future job creation. What’s more, for those businesses with fewer than 50 employees, they could be facing high penalties if they are not offering insurance. But, according to the poll, only 1% of the companies plan to cut back to keep below that 50 employee marker.
The survey however does not reflect the concerns of small business owners as the poll was carried out with companies having an average revenue of $289 million. For many small businesses the hugely complex ACA continues to strike fear in many, such as the “bogus claims” on how Obamacare will turn the healthcare program over to the IRS. And when it comes to the true costs of Obamacare, most small business owners believe it will adversely affect their bottom line.
On winning over support, Obamacare’s biggest problem is its complexity and the confusion surrounding the law. Almost half of all Americans say they don’t know enough about the law to understand how it will affect their own family. For small businesses there’s also the worry of a new crush of regulatory paperwork.
There are still many unknowns on how the ACA will impact the health market in general and businesses in particular. What is for sure, the Republicans and other opponents of Obamacare will continue to make political hay over the controversy until, one way or another, it all sorts out.