From reporting requirements to benefits administration software, brokers are required to provide competitive options to their clients to stay ahead in the competition. But, it’s rather easily said than done. With every year, benefits brokers are faced with new changes and challenges. Here are some from a broker’s perspective.
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2016 has come up with various rules and regulations coming into effect and a whole lot of extra complications in legal mandates for employers. The additional day in February isn’t just anywhere behind in increasing the complications for business owners. So, are you sure you are ready?I know it’s not as daunting as preparing for Y2K but yes still you need to be sure that you don’t run into any  [...]
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Recent ups and downs in the ACA regulations and the all-new reporting requirements have triggered an immediate need for organizations to start searching for a benefits administration partner so that they can shed the load off their shoulders freeing themselves from the compliance hassles and concentrate on making their business more successful. Normally, organizations opt for a benefits administration solution to fulfill following requirements, according to [...]
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If we take a look at the various reports conducted worldwide, some important question arises; do employees actually feel financially-healthy today? Do they feel that they are on top of their finances and are extremely positive about their future, or are they feeling clutched up and struggling to make ends meet?Believe it or not, the state of your employees’ financial well-being very much af [...]
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The holiday season brings a delightful news for the employers!The Internal Revenue Service and U.S. Treasury have released a notice regarding extension of Affordable Care Act Information Reporting deadlines in order to enable employers to meet the requirement more effectively. In the
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December 16, 2015, was marked as an important day for Premium Tax Credits, as IRS released its final regulation for Premium Tax Credit Eligibility provisions. Many of the provisions were to determine minimum value of eligible employer-sponsored health plans and several other rules, like whether certain wellness incentives will be included to calculate minimum value and affordability or not.
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Among the businesses fulfilling new tax information reporting responsibilities as per the Affordable Care Act (ACA), carriers are likely to be faced with a broad range of new challenges. Internal Revenue Code (IRC) Section 6055 and 6056 have set up new information reporting responsibilities for ACA as carriers’ status is both of an insurer and an employer, their reporting commitments are ‘two-fold’, which significantly leads to certain ch [...]
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With Affordable Care Act (ACA) reporting dates coming closer rapidly and ACA compliance expected to become more complex day-by-day, developing and executing a best-fit strategy to comply with the rules and fulfilling each requirement is the need of this hour. Tracking, integrating and analyzing volumes of data across time and attendance, managing payroll, etc. are the most affected tasks for any HR. Thus, organizations, irrespective of their si [...]
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Starting with the 2015 calendar year, Affordable Care Act imposes significant information reporting responsibilities on employers. Moreover, IRS has issued various forms and instructions that will be required to comply with these reporting requirements.But, fulfilling these new reporting requirements can significantly be harder for employers if they don’t posses necessary tools. With so many benef [...]
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Happy Thanksgiving! Finally the holiday season kicks-off with a lot of bells and whistles!Keeping aside the open enrollment fever, we all look forward to the Thanksgiving dinner delights-roasted turkey with stuffing, mashed potatoes, cranberry sauce and the yummy pumpkin pie; and sharing those light moments with friends, family and loved ones. But still there are many who work in the backend to make sure you get properly enrolled.This  [...]
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