Benefits of Partnership to Benefit Brokers:
- Our vision is to partner with brokers without competing with them in any way
- Experts in the field of employee benefits, as opposed to coming from a technology or payroll background
- Preferred pricing for brokers with larger number of employer clients
- Current partnerships with 75%+ of the top 50 brokers in the country
- Highest level of service offering in the ACA reporting industry
- Personal, manual review of all forms prior to issuance to clients
- Highest trained staff in the country, with ongoing training completed 4 times for week for our entire staff
- Full White Label experience available
- Joint marketing & webinars available
- Free form 1095-C code calculator
- Various commission offerings
How ACA reporting evolved for benefit brokers …
In early 2015 when employers were faced with Affordable Care Act (ACA) reporting for the very first time, they asked their benefit consultants how to best perform the reporting. These advisors then turned to the IRS guidance on reporting and began to explore what was necessary to correctly report. After a bit of time in review, they quickly realized that creating this reporting themselves manually would be extremely complex. It was at this time that a rumor began to circulate in the marketplace that this reporting would be best performed by payroll companies. From the outside it seemed to make sense and so most employers received advice to engage their payroll companies to perform the required ACA reporting for 2015.
But there was a major problem on the horizon that very, very few people saw coming. As it turns out, the payroll information necessary to correctly perform ACA reporting is only about 20% of the total information needed. ACA reporting is in essence group medical plan reporting, and thus requires an intensive knowledge of how employee benefits work. You can learn more about what exactly this means by reviewing a blog post we recently released entitled “Is ACA Reporting More Payroll or Benefits Related?”
As employers began to actively work with their payroll vendors to begin completing the reporting. They quickly learned that in most cases these vendors weren’t able to answer their questions and also had not staffed appropriately. This left employers quite anxious and frustrated over their choice of ACA reporting vendors. You might enjoy this letter that was recently written that outlines how this impacted one advisor in the marketplace.
Because of this frustration and confusion, employers have begun to do what they always do when they need help … they turned back to their employee benefit brokers. The role of these advisors moving forward to assist employers will be enormous and there is a quite an unwinding of employers away from many payroll vendors for ACA reporting.
The challenge …
Advisors are now facing a steep learning and resource curve to meet the needs of their clients. Our company exists to help such advisors to do a great job for their clients, deliver the industry’s best ACA reporting experience, and support you the entire way. We are proud to support thousands of advisors across the country in meeting the needs of their employer clients. Contact us for more information about how we can partner together to help your clients complete this reporting affordably and with the highest quality of service in the marketplace.