Many Small Businesses Aren’t Aware of SHOP Exchanges

Only 59% of small businesses surveyed by Transamerica are aware of the new Small Business Health Options Program (SHOP), compared to 79% of businesses overall.
“Small businesses with fewer than 50 FTE employees are the only businesses eligible to participate in SHOP, yet four in 10 don’t know about it. Businesses of this size employ nearly 34 million workers, according to the Small Business Administration, so it’s a significant gap to address,” said Hector De La Torre, executive director of Transamerica Center for Health Studies.

Twenty-eight percent employers expect their number of employees to increase due to the ACA, compared to 15% that expect a decrease. Sixty-four percent of employers plan on taking some action to comply with the ACA, with 19% planning to change plan options and 17% planning to change insurers. The following are other key findings about employers:

• 29% are researching alternatives that may not require strict adherence to ACA mandates.
• 23% are researching reductions in employees or full-time employees in preparation for changes related to the ACA.
• 33% of those with 100+ full time employees are researching reductions.
• 15% are calculating the cost of the tax penalty vs. the cost of providing insurance.
• Most medium size (50-99 full time employees) employers are aware of the ACA mandate deadline extension.
• 91% of employers with 50 to 99 full time employees are aware that their deadline to offer employees health care insurance was extended to January 2016.
• 85% of minority-owned businesses and 73% of women-owned businesses are taking actions in preparation for the ACA compared to 58% of non minority-owned businesses.
To view the survey visit: http://bit.ly/1lpjfNY.

Last Updated 12/02/2020

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