New York Manufacturers: Obamacare Increases Insurance Costs
New York manufacturers are less than elated about the Affordable Care Act (ACA), according to a survey released today.
The New York Federal Reserve publishes a monthly manufacturing report made up of survey responses from around 100 executives. The survey is always accompanied by a supplemental section (see "Supplemental Report"), with July's focus on the Affordable Care Act.
Commonly known as "Obamacare," the Act is expected to come into effect in 2014, but so far, 75% of respondents haven't made, or planned to make, changes to their companies' health plans.
The same number indicated that they had yet to make any workforce changes due to the ACA, while 65% don't expect any major employment switch-ups over the next 12 months.
Although many firms responded that their lack of changes was due to health insurance policies already in place, more than 85% of those surveyed expect insurance costs to increase. This prediction is likely the impetus behind 30% saying that other employee benefits will feel the squeeze, as well as 39% predicting higher prices for consumers.
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