ACA compliance, Zenefits and a lack of broker offerings elicit reactions
September 4, 2015 11:24 AM
Overview
EBA readers react to a variety of topics, including Zenefits posting comparisons to competitors, reporting requirements under the Affordable Care Act and a disparity between broker offerings and employer needs.
[Image: Fotolia]
[Image: Fotolia]
Textbook case of an industry being disrupted
This is a textbook case of an industry being disrupted, and frankly it is sorely needed.
Be honest with yourself. If you have a better value proposition than (Zenefits), you have nothing to fear. Adapt or die.
Posted by Mitch C
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Be honest with yourself. If you have a better value proposition than (Zenefits), you have nothing to fear. Adapt or die.
Posted by Mitch C
[Image: Fotolia]
Take a breath
EVERYONE needs to take a breath. The list of brokers that they have identified look to be from intern work, you know, hire an intern for $10/hour and ask them to Google benefits brokers in the state.
Posted by Vinnie D
[Image: Fotolia]
Posted by Vinnie D
[Image: Fotolia]
'Inform clients of ERISA obligations immediately'
Brokers should start by informing employers about their ERISA obligations as soon as the employer begins to offer group health benefits. The broker may not have time to make sure the Summary Plan Descriptions are written and distributed, various federal notices are received by employees, that COBRA and ACA obligations are also understood, but they should at least tell the employer about those obligations and direct them to resources to help them be in compliance.
I am finding that employers are ignorant about these obligations even though they have had Welfare plans for years. They are also ignorant of their ACA reporting obligations. I believe the ACA reporting failures will trigger DOL audits next year.
Posted by Vicki B
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I am finding that employers are ignorant about these obligations even though they have had Welfare plans for years. They are also ignorant of their ACA reporting obligations. I believe the ACA reporting failures will trigger DOL audits next year.
Posted by Vicki B
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Act like professionals
If we want to be treated (and compensated) as professionals, we better start acting like professionals instead of just rate messengers and spreadsheet makers. Ours is evolving into a knowledge business, yet many practitioners are unwilling or incapable of understanding the complexities of the industry.
Posted by Bob M
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Posted by Bob M
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'Start work on ACA compliance now'
The time to start is last month, so get started now. The IRS will do what the IRS will do when it comes to good faith.
To these, I would add two other observations to help avoid common compliance mistakes we see: 1) don't think you can comply with just employer data (you must include your plan payer's enrollment rosters too); and 2) don't view ACA compliance as a once a year IRS filing exercise (ACA has 27 trigger events requiring employee/enrollee communications that must be monitored and documented as they occur ACA communication is like COBRA on steroids).
Posted by Si N
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To these, I would add two other observations to help avoid common compliance mistakes we see: 1) don't think you can comply with just employer data (you must include your plan payer's enrollment rosters too); and 2) don't view ACA compliance as a once a year IRS filing exercise (ACA has 27 trigger events requiring employee/enrollee communications that must be monitored and documented as they occur ACA communication is like COBRA on steroids).
Posted by Si N
[Image: Fotolia]
Read this weeks news
Brokers arent serving up what employers want
The ACA clock is ticking
Zenefits has crossed the line
[Image: Fotolia]
The ACA clock is ticking
Zenefits has crossed the line
[Image: Fotolia]
