With only one week to go before all employers must comply with certain elements of the Affordable Care Act and the individual health exchanges are open, the National Federation of Independent Business (NFIB) today said that many small businesses remain confused.
“We’ve done our best to prepare our members but the Obama administration has done a generally bad job at informing small businesses on their regulatory obligations under the law,” said NFIB New York State Director Mike Durant.
Under the new federal health-care law, every employer who is subject to the Fair Labor Standards Act must distribute a notice to all employees informing them of their health insurance options, either through the company or the new Health Insurance Marketplace, also known as state exchanges. It’ll be a big administrative headache for employers and what follows could be worse.
“Many of our members and their employees will be shopping in the individual exchange starting next week and in many cases they are likely to be surprised and disappointed,” said Durant. “And while larger employers have until next year to comply with the employer mandate, there are still more questions than there are answers.”
Durant noted that while the administration has been working hard on a celebrity-studded advertising campaign urging young Americans to enroll in the program, it hasn’t paid nearly as much attention to employers who are still struggling to understand the law.
“The IRS hasn’t finalized the rules for employers and even the penalties for non-compliance are unknown with only a few days remaining,” said Durant. “But we know that there will be penalties for small businesses if they don’t do it right. Washington needs to get its act together.”
In the meantime, small businesses can learn more by visiting the NFIB website, which features comprehensive information on the law as well as calculators to help them determine their costs and eligibility for tax credits under the law.
For more information about NFIB please visit www.nfib.com.
For additional coverage, see this article on the Politics on the Hudson Blog.