According to the survey by National Federation of Independent Business (NFIB), by 2014 US small business owners are planning to increase health-care cost as to meet the individual mandate of the Affordable Care Act.
The NFIB surveyed 921 small business owners are found that, two-third of them reported that they have increased health-care cost this year than previous year by taking lower profits. While 40% reported that will reduce business investments. The survey also found that 13% of small business owners reported that they are planning to cut the hours of part-time employees to generate health law’s requirements.
NFIB researcher stated that “The Affordable Care Act is affecting the economy” by increasing the insurance costs for small businesses and for those who are not in a position to invest or raise the wages for their employees.
The Affordable Care Act has asked small business owners with less than 50 employees to offer health coverage for their full time employees by 2015 or face penalties. So don’t wait until the last minute, get insured by 2014 to meet the requirements of the Affordable Care Act.