HOW WE HELP EMPLOYERS
With a diverse agency and over 60 years of combined benefits experience, we have learned how to help businesses of all types. From small, sole-proprietorships, to large, multi-state corporations, we have seen it all. And while our strategies for benefits implementation may vary, our attention to customer service is unwavering and consistent.
With the recent regulations related to the Affordable Care Act, we are finding that our advice and expertise is in higher demand than ever before. Let's face it, health care has changed, and everyone needs help understanding these changes.
We have solutions that can help reduce payroll taxes, worker's compensation, and most importantly, healthcare costs. Unlike many other benefits brokers, we are nimble and creative at solving problems, and will work closely with you to find a solution that is beneficial to your business as well as your employees, while keeping costs down and morale up.
Check out our Small Business Resource for lots of helpful operating tips and information
download an e-book with lots of cost-cutting ideas for small businesses
We have also established a long-standing relationship with Colonial Life, and have risen to the level of a Premier Office, which has given us access to world-class enrollment capabilities, and a wealth of knowledge in Voluntary Benefits.
Download this one-page guide to view all of the services Colonial Life can provide to businesses and brokers.
While our expertise is extensive, it can easily be narrowed into just three main categories:
COMPLIANCE
Staying compliant with ERISA, Section 125, and PPACA can be difficult. We have established partnerships and developed our knowledge base to be able to help you ensure you are conducting enrollments and offering benefits properly.
ERISA
Before there was COBRA, HIPAA or the Affordable Care Act, there was the Employee Retirement Income Security Act of 1974 (also known as “ERISA”). This was the federal government's most expansive regulation of employee benefit plans in history and it remains in place 40 years after its passage. ERISA was largely intended to rein in employer abuses of pension plans. Nevertheless, its scope is broad and applies to most employer-sponsored health and welfare plans.
ERISA’s requirements are vast and complex, including numerous notices, disclosure and other procedural requirements, and the penalties for noncompliance can be severe, most notably potential fines of up to $1,100 per day for the failure to file Form 5500 on a timely basis. ERISA also grants the Department of Labor (DOL) wide latitude to impose various fines and penalties as it chooses.
Pension plans and 401(k) plans have been the major auditing focus for the DOL for a very long time, but it seems clear that with the renewed focus on health plans brought forth by the implementation of the Affordable Care Act, the DOL is now prepared to merge its enforcement capabilities under the ACA with those granted to it under ERISA. Plan sponsors need to prepare now.
Through our partnership with AmeriFlex and TASC, we offer ERISA compliance consultative services for your accounts.
Download this checklist to learn more about how to stay compliant.
Flexible benefits plans
As an employer-provided program, flexible benefits plans allow employees to pay for certain qualified benefits with pretax dollars. Examples of qualified benefits include:
- Accident and health plans, including spouse and dependent coverage.
- Group term life insurance (employee only).
- Contributions to a dependent care flexible spending account.
- Contributions to a health care flexible spending account.
- Adoption assistance.
- 401(k) plans.
- Health Savings Accounts (HSAs).
Some of the benefits that do not qualify to be offered under a flex plan:
- Universal life insurance.
- Whole life insurance.
- Long-term care insurance.
- Dependent life insurance.
- 403(b) and 457 plans.
- Health Reimbursement Arrangements (HRAs)
PPACA (Patient protection & affordable care act)
Under the Affordable Care Act, (unless they are self insured) businesses with 50+ full time equivalent employees must provide new reporting to the IRS for calendar year ending 2015. Employers are confused and don’t have the time or knowledge to do this.
What does the reporting mean for small employers?
- Each company with 50+ employees must send a 1094-C for their company to the IRS, which is a company-level view of the benefits offered and hours worked.
- Each benefit-eligible employee must receive a 1095-C form, which employers must mail to employees by 1/31/2016.
- Payroll providers either can’t meet this need or when they can, it’s too expensive for most smaller employers to use.
- There are now dozens of vendors in the marketplace who can provide this service. Because of the demand, several have already stopped accepting new customers, and many are raising prices each month.
What kind of help do employers need?
- A reporting-only solution—the employer has the data and needs help creating the reports
- Our solution: We’ve contracted with a vendor who can provide this service: Goose IAS. They have a $500 set-up fee (per health plan) + $5 per 1095 report
- A full-service solution—the employer needs help with the reporting, but also needs advice and a company to review and certify that the employer is ACA-compliant
- Our solution: The vendor we’ve contracted who can provide this service is Worxtime. They have a $795 set-up fee + an annual fee of $0.50/PEPM or minimum $4K, whichever is greater.
Feeling ambitious? Feel free to download the 1094-C and 1095-C forms and fill them out yourself! Click here for info from the IRS on how to report this information properly.
Calculate your full time equivalent employees for aca*
*These numbers are estimates and you should consult with a qualified professional for help with calculating your FTE totals.
If your total from above is more than 50, then you are required to provide affordable coverage! Contact us to find out more about how to meet these requirements.
CLICK HERE FOR SOME FAQS REGARDING OUR PARTNERS AND THEIR PPACA COMPLIANCE ASSISTANCE PROGRAMS
Download a crib sheet to make sure you are compliant with irs guidelines
CLICK HERE TO LEARN MORE ABOUT HOW WE CAN HELP YOU STAY COMPLIANT WITH PPACA REPORTING
COMMUNICATION
When it comes to employee benefits, one of the most critical elements is how you communicate those benefits to your people. Whether it's online, over the phone, or in person, we can accommodate any type of enrollment necessary. We have a team of dedicated benefits counselors, all of whom are familiar with the extensive providers and options available. Because of our flexible enrollment solutions and best-in-class enrollment team, we are able to help boost participation and morale within all of the organizations we work with.
Below are some statistics about the importance of a 1-on-1 benefits counseling session.
Improved Understanding
Importance of Annual 1-to-1
Click Here to download more info about colonial life's one to one benefits counseling.
Watch a short video about the importance of a 1-on-1 benefits counseling session
CONSULTATION
Here at One Benefit Source, we believe in the importance of taking as much time as is necessary to consult with each client, no matter their size, and help them create viable, long-lasting solutions for their business. We have found that every business has very different needs, and the ability to sit face to face with someone and sort through the complex options and questions that can arise in regards to benefits is critical to our clients.
In conducting hundreds of face-to-face consultations, we have discovered that most challenges fall into just four categories.
Cost Management
HR and Administrative Time Savings
Benefits Communication and Engagement
Employee Financial Protection
CAll us or schedule your own free consultation to
learn more about how we can help in these key areas.
Below are some of the concerns we can address:
ERISA compliance
PPACA forms and compliance
HealthCare plan selection and cost containment strategies
Proper Section 125 usage and maintenance
Benefits communication and enrollment
401K education and implementation
employee engagement and participation
fsa and commuter benefits programs
voluntary benefits (dental, vision, accident, hospital indemnity, cancer, critical illness, disability, etc.)
and much more