Firm News

Cherry Bekaert Benefits Consulting Issues Affordable Care Act Survey

calendar iconMay 19, 2014

Intended to gauge the Affordable Care Act’s (“ACA”) impact around the country, Cherry Bekaert Benefits Consulting LLC (“CBBC”) is proud to announce the launch of its Affordable Care Act Survey (“ACA Survey”).

The intention of the survey is to examine how the ACA is impacting employers and their business decisions. The questions cover topics such as hiring practices and insurance benefits, and the results will assist CBBC in understanding how companies are handling the uncertainty and ever-changing rules created by the ACA.

Questions and expected findings from the CBBC’s ACA Survey include:

  • Will the Affordable Care Act’s definition of a full-time employee (i.e. working 30 hours or more per week) impact hiring practices of your business?
  • Are businesses planning on hiring more part-time workers (less than 30 hours)?
  • Absent plan changes, did your most recent medical insurance renewal premiums/cost rise or fall?
  • At the most recent renewal, did your business modify the medical insurance plan benefits to affect costs?
  • At your last medical insurance plan renewal, did your business change employee contributions?
  • Will your organization continue to offer medical insurance benefits for two or more years?
  • Has the cost of medical insurance caused your company to reduce or eliminate other employer-sponsored plans such as Dental, Vision, Life, 401(k), employer match?
  • If your medical plan is currently insured, are you considering changing to a self-insured (self-funded) arrangement to mitigate ACA taxes and/or lower plan costs?
  • Is your Payroll/HRIS System set up to handle the new IRS reporting requirements?
  • Do business leaders think future medical insurance costs will have an impact on: Compensation, Profits, Competitiveness or Hiring Practices?
  • Do business leaders think the Affordable Care Act will have an impact on overall medical insurance costs?
  • Has your Firm had an independent analysis on the impact of ACA and future options for your business?
  • Is your Firm considering changing plan years to delay the impact of the ACA?

The survey will be available to participants until May 30, 2014, and takes an estimated five minutes to complete. Shortly thereafter, results and findings will be shared with all participants. To participate in Cherry Bekaert Benefits Consulting’s Affordable Care Act Survey, click here.