Cherry Bekaert Benefits Consulting LLC Announces 2014 Affordable Care Act Survey Results
Accounting and Consulting Firm Reveals Findings on Employers’ Perspective on Health Care Changes.
Raleigh, NC, July 31, 2014 --(PR.com)-- Cherry Bekaert Benefits Consulting LLC (“CBBC”) has announced the results of its 2014 Affordable Care Act (ACA) survey. The survey sought to measure the impact on businesses and employer attitudes of the constant changes in ACA rules and regulations. Specifically, the survey examined the ACA’s impact on health care costs, hiring practices, medical plans and insurance benefits.
CBBC’s survey concluded that the ACA is driving up costs for businesses, thus impacting current and future employees through the loss of employer-sponsored plans and affecting hiring practices. Employers attribute the reduction of current employee benefits such as vision, dental and life insurance coverage to the increased cost of health care. It was also found that the ACA is impacting the hiring process, as one in four companies is starting to hire more part-time workers versus full-time employees due to budget constraints and to avoid employer requirements of the law which could negatively impact employee morale, productivity and loyalty.
Key results from the CBBC’s ACA Survey include the following:
- Employers say the ACA is driving costs higher. About 83 percent of respondents believe that the ACA will continue to put upward pressure on medical plan costs.
- The ACA has had a significant impact on hiring practices. One out of four respondents are hiring more part-time workers, with another 14.5 percent considering similar action.
- ACA results in fewer employer sponsored medical plans. Almost 25 percent of respondents indicated they are considering the elimination of employer-sponsored plans.
- Increasing costs of medical plans are affecting other employer sponsored benefits. 25.7 percent of respondents indicated they have already reduced expenditures or are considering such action on dental, vision and life coverage’s as a result of the ACA’s impact on medical plan costs.
- Employers believe the ACA will have negative impact on business. 73 percent of respondents indicated that the ACA will negatively impact profits.
The survey concluded that employers believe the ACA negatively impact their businesses. Many of the employers surveyed believe that the ACA will adversely impact profits, wages will suffer, and that higher medical costs will hurt their ability to compete in an expanding marketplace. To view full survey results, visit http://bit.ly/1lwiXCK.
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“As one of the nation’s largest accounting and consulting firms, we are constantly working to stay on top of financial trends and updates that may affect our clients and the national and local business climates,” said Scott Duda, Managing Partner – Raleigh Practice. “Our Benefits Consulting practice conducted this survey to gain more insight into the ACA’s true impacts, equip employers with the knowledge needed to make the best financial decisions for their businesses, and to inform employees on issues that may affect their financial wellbeing.”
About Cherry Bekaert Benefits Consulting LLC:
Cherry Bekaert Benefits Consulting LLC ("CBBC") provides access to top talent and resources who can assist clients in navigating the complexities associated with implementation of the provisions of the Affordable Care Act ("ACA"). CBBC specializes in providing consultation, implementation and administrative services for group health and welfare plans, including assessing and advising on the impact of the ACA. With a focus on optimizing the bottom line and generating growth, CBBC works with clients to develop long-term solutions for employee benefits and retirement plans, compensation and human resource programs, and provides merger & acquisition due diligence services related to compensation & benefits and risk management issues. | cherrybekaertbenefits.com
About Cherry Bekaert LLP:
Cherry Bekaert LLP has designed its practice with one thing in mind: cultivating client growth. As a nationally recognized, growth-oriented firm ranked among the largest accounting businesses in the country, Cherry Bekaert specializes in offering solutions that impact its clients’ ability to grow. For more than 65 years, global corporations, private businesses, government entities, nonprofits, emerging firms and successful individuals have relied on Cherry Bekaert as their growth partner. Based in Richmond, Virginia, Cherry Bekaert LLP has offices located in Virginia, Florida, Georgia, North Carolina and South Carolina. For more information, visit http://www.cbh.com.
CBBC’s survey concluded that the ACA is driving up costs for businesses, thus impacting current and future employees through the loss of employer-sponsored plans and affecting hiring practices. Employers attribute the reduction of current employee benefits such as vision, dental and life insurance coverage to the increased cost of health care. It was also found that the ACA is impacting the hiring process, as one in four companies is starting to hire more part-time workers versus full-time employees due to budget constraints and to avoid employer requirements of the law which could negatively impact employee morale, productivity and loyalty.
Key results from the CBBC’s ACA Survey include the following:
- Employers say the ACA is driving costs higher. About 83 percent of respondents believe that the ACA will continue to put upward pressure on medical plan costs.
- The ACA has had a significant impact on hiring practices. One out of four respondents are hiring more part-time workers, with another 14.5 percent considering similar action.
- ACA results in fewer employer sponsored medical plans. Almost 25 percent of respondents indicated they are considering the elimination of employer-sponsored plans.
- Increasing costs of medical plans are affecting other employer sponsored benefits. 25.7 percent of respondents indicated they have already reduced expenditures or are considering such action on dental, vision and life coverage’s as a result of the ACA’s impact on medical plan costs.
- Employers believe the ACA will have negative impact on business. 73 percent of respondents indicated that the ACA will negatively impact profits.
The survey concluded that employers believe the ACA negatively impact their businesses. Many of the employers surveyed believe that the ACA will adversely impact profits, wages will suffer, and that higher medical costs will hurt their ability to compete in an expanding marketplace. To view full survey results, visit http://bit.ly/1lwiXCK.
Quote:
“As one of the nation’s largest accounting and consulting firms, we are constantly working to stay on top of financial trends and updates that may affect our clients and the national and local business climates,” said Scott Duda, Managing Partner – Raleigh Practice. “Our Benefits Consulting practice conducted this survey to gain more insight into the ACA’s true impacts, equip employers with the knowledge needed to make the best financial decisions for their businesses, and to inform employees on issues that may affect their financial wellbeing.”
About Cherry Bekaert Benefits Consulting LLC:
Cherry Bekaert Benefits Consulting LLC ("CBBC") provides access to top talent and resources who can assist clients in navigating the complexities associated with implementation of the provisions of the Affordable Care Act ("ACA"). CBBC specializes in providing consultation, implementation and administrative services for group health and welfare plans, including assessing and advising on the impact of the ACA. With a focus on optimizing the bottom line and generating growth, CBBC works with clients to develop long-term solutions for employee benefits and retirement plans, compensation and human resource programs, and provides merger & acquisition due diligence services related to compensation & benefits and risk management issues. | cherrybekaertbenefits.com
About Cherry Bekaert LLP:
Cherry Bekaert LLP has designed its practice with one thing in mind: cultivating client growth. As a nationally recognized, growth-oriented firm ranked among the largest accounting businesses in the country, Cherry Bekaert specializes in offering solutions that impact its clients’ ability to grow. For more than 65 years, global corporations, private businesses, government entities, nonprofits, emerging firms and successful individuals have relied on Cherry Bekaert as their growth partner. Based in Richmond, Virginia, Cherry Bekaert LLP has offices located in Virginia, Florida, Georgia, North Carolina and South Carolina. For more information, visit http://www.cbh.com.
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Cherry Bekaert LLP
Robert Buhler
919-233-6600
Robert Buhler
919-233-6600
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