Sixty-five percent of micro-businesses (less than 10 employees) say they only somewhat or slightly understand the new “grandfathered” plan requirements and how it may impact their ability to keep their plans. A press release said, of those aware of the requirements to maintain “grandfathered” status of a health plan, 43% believe they can keep their plan. Fifty-seven percent are either unsure or know they will not be unable to keep their current plan.
Ninety-two percent believe the self-employed and small business owners should receive a notice from their insurer or from the federal government about whether their plan qualifies as a “grandfathered” plan.
Close to 50% of micro-business respondents indicate they wish to keep their current coverage.
The survey found approximately 67% of respondents have changed insurance carriers since the inception of their business, with 55% indicating that the primary driver for the change corresponded with the desire to find a better deal or lower costs. Many who made adjustments to their existing health plan to address costs did so by adjusting their deductibles — a move that, under proposed rules, NASE noted, would force them to lose their “grandfathered” status.Full survey results are available here.