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August 13, 2013 at 02:34 PM
Employers are finding that just trying to explain the Patient Protection and Affordable Care Act to employees is one of the costliest ramifications to date.
Helping employees understand PPACA placed right behind the fee employers have to pay for the Patient-Centered Outcomes Research Institute and administrative costs incurred during implementation as the most-expensive single elements related to the law this year.
That comes from a survey by the International Foundation of Employee Benefits Plans. The foundation calculated responses from 728 benefits plan experts, primarily human resources and benefits professionals at companies with single-employer plans.
The foundation found that 69 percent of the companies already have analyzed how the law will affect their bottom line, and of those, 50 percent had pinpointed the cost factor on their business this year.
One in seven that had analyzed costs said the law either failed to change their benefits cost structure or actually lowered it. Medium to large corporations generally said the cost impact was below 5 percent, while small businesses reported a much greater impact, often exceeding 15 percent.
