What Does the ACA Mean for Brokers?
What Does the ACA Mean for Brokers?

What Does the ACA Mean for Brokers?

Winning more deals, increasing existing client retention and growing the bottom line for your firm are likely top of mind these days. Competition among broker firms is putting pressure on you to stand out from the herd. Simply signing on clients won’t cut it anymore: It’s clear that you have to become a closer partner with your clients to differentiate yourself. But how?

Think of the Affordable Care Act (ACA) as an opportunity. It’s confusing, cumbersome, and time consuming. Managing the myriad rules and regulations around ACA can be stressful and extremely costly to businesses if they’re found to be out of compliance. While the law has been in effect for more than six years, a majority of small to mid-size business owners – 51% – still indicate that they have limited to no understanding of its impact on their businesses.

Filing regulations are continually changing, and unless they have staff dedicated to closely monitoring these modifications, your clients and prospects could very easily miss an update and incur some pretty hefty fines. For example, 36% of employers classified as Applicable Large Employers (businesses that employ an average of at least 50 full-time and/or full-time equivalent workers) indicated that they were completely unaware that they must begin reporting on their 2015 insurance offerings to the IRS to ensure compliance with the individual and employer mandate. Are your clients in that 36%? With a fine of $250 per un-filed form up to a maximum of $3 million, this could result in big problems.

Consider also the time commitment to managing ACA compliance. Businesses spend an average of 13 hours per month – that’s nearly 4 work weeks every year – to stay abreast of all the changes to health care. This is valuable time that’s being taken away from your clients’ businesses. This is where you can help.

Help Your Clients Navigate Open Enrollment

Benefits open enrollment season is quickly approaching. Recognizing the ACA reporting requirements now, and having the right plan and technology in place to see it through, is essential to your clients’ and prospects’ successful ACA compliance strategy. The key to a smooth open enrollment is to help them manage their employee benefits plan through an online platform that integrates with payroll, time, and an automated ACA IRS filing service. When you serve as their trusted advisor, you can take the burden off of your clients and their staffs and shift it to a provider who has the expertise to not only manage payroll and benefits, but also has the professionals on hand to understand and manage the extraordinary complexities of the ACA. Disparate systems and duplicate data will be eliminated come processing time. And, your clients don’t even have to lift a finger. It’s a win/win.

Helping our partners get the most out of our service so you can enable your clients to keep ahead of the curve is key to your success and ours. Let’s talk about how our integrations can improve your clients’ HR and payroll experiences today. Click here to refer a client today.

More to Discover

HR

Are Domestic Partner Benefits Mandatory?

Are Domestic Partner Benefits Mandatory?

A Brief History: Only What You Need to Know The roots of domestic partner benefits stretch way back to 1982, when the City of San Francisco enacted legislation to offer health insurance coverage to the same or opposite sex partners of its unmarried employees. “Domestic partner” soon became the official legal term used by insurers and private and public employers. Also, in 1982, New York City newspaper The Village Voice became the first private employer to offer domestic partner health care benefits. Many other companies and municipalities followed suit. Fast forward to more than 30 years later when, in 2015, the United States Supreme Court ruled that domestic partner benefits apply to both same-sex and unmarried opposite-sex couples....

Banker

3 Reasons CFOs Should Care About Employee Benefits

3 Reasons CFOs Should Care About Employee Benefits

If you think the realm of employee benefits is strictly HR’s domain, it’s time to change your thinking. Labor costs, including employee benefits, is often the largest expense of any organization and should be closely watched by both HR and finance. More financial leaders are taking an interest in human resources and starting to expand their influence outside the traditional areas of accounting. A recent Robert Half survey showed CFOs are more likely to expand their reach into HR more than any other department. 39% of CFOs said their role expanded into HR the most Source: Robert Half If you’re hands-off when it comes to employee benefits, it’s time to get his/her attention. Here are three reasons why a CFO should care: A Healthy Workforce...

CFO

5 Cost-Containment Strategies to Make Benefits a Competitive Advantage

5 Cost-Containment Strategies to Make Benefits a Competitive Advantage

A diverse mix of benefits are one of the most critical tools employers can offer to attract top talent—but companies can’t ignore the impact benefits have on retention. Still, some financial leaders hesitate to invest in a variety of benefits packages due to the costs involved. Paycor analyzed more than 30,000 medium and small businesses and found that as organizations offer more benefit plans, there’s a substantial improvement in turnover. Specifically, organizations offering six benefit plan types saw turnover improve 138%. Check out our infographic below which examines five cost-containment strategies CFOs should consider to avoid breaking the bank.

Managing Contractor Payroll: What You’ll Need to Know

Managing Contractor Payroll: What You’ll Need to Know

As a business owner, it’s a given that you’re expected to pay your employees accurately and on time. But something almost as important is making sure you don’t pay your contract or freelance workers the same way you pay employees. Let’s clarify. Independent contractors are not classified as employees by the Internal Revenue Service (IRS), so instead of being paid through your payroll system, they’re paid separately as a business expense. When your business requires hiring both employees and independent contractors, it’s important that you understand the distinctions between the two. Why? Three letters: IRS. FLSA – How to Classify Employees and Independent Contractors The IRS looks at the business relationship your company has with a...