Most small business owners unsure about how to prepare for ObamaCare

A new study by Newtek Business Services shows that independent business owners are still confused over the coming healthcare law regulations.

Based on a poll of over 1,000 respondents, one of the key findings from the June SB Authority Market Sentiment Survey is that 52% of business owners do not know how to prepare for the upcoming healthcare reform changes. Of the remaining, 24% plan to reduce benefits to employees, 13% plan to rebid their policy and 11% plan to reduce business expenses.

The full June 2013 results showed the following:

With healthcare reform 6 months away, how are you preparing?

Rebid your company insurance policy: 13%
Reduce benefits to employees: 24%
Reduce other business expenses: 11%
I do not know what to do: 52%

“With six months to go before the Patient Protection Affordable Healthcare Act goes into effect, small and independent business owners are still unsure of what actions to take for the health and welfare of their businesses and employees,” said Barry Sloane, Chairman, President and CEO of The Small Business Authority.

“Many states are behind in setting up healthcare exchanges and establishing a set of rules for the operation of the exchange. Many small and independent business owners need to seek advice on how to apply for available tax credits and have not yet calculated the benefits of purchasing insurance or paying the fine, in the form of a tax, that may be required for an uninsured employee. There are many unanswered questions at this time for small business owners in an uncertain economy. The cost of healthcare, as well as the changes in plans and benefits are adding to the uncertainty in the economy.”