I Received A Letter From The IRS Regarding An ACA Penalty. Now What Do I Do?

I Received A Letter From The IRS Regarding An ACA Penalty. Now What Do I Do?

If you were an Applicable Large Employer (ALE) for the 2015 tax reporting year you may be receiving a letter shortly from the IRS stating you were out of compliance with the requirements of the Affordable Care Act (ACA). The IRS letter (Letter 226J) may state that you owe a penalty for non-compliance – and that penalty may be anywhere from a couple of thousand to over a million dollars.  So – what do you do?

Building a Case for the Convergence of Human Capital Management and Insurance Services

Building a Case for the Convergence of Human Capital Management and Insurance Services

Being able to view the world through another’s perspective is the hallmark of empathy.

Why is this important when it comes to benefits management? Because many benefit brokers only understand the insurance side of the business and fail to appreciate how their benefits programs converge into their client’s total human resource environment. This failure is a major differentiator in the success of the benefit broker and client relationship.

Renewing Small Group Health Insurance

Renewing Small Group Health Insurance

Let’s be honest, renewing small group health insurance is dramatically different than large-group.  With small group, removed are the utilization/demographic patterns, IBNR, trends, administration expenses and much of the contribution modeling (to name a few).  So, if small group renewals are easier, then why are they time-consuming?  And what is the reason for the fire-drills?

Big Mistake Made By PE Firms: Allowing a Newly Acquired Portfolio Company to Drive a Broker Decision

Big Mistake Made By PE Firms: Allowing a Newly Acquired Portfolio Company to Drive a Broker Decision

I have been working with Private Equity (PE) firms on their insurance related needs for over a decade and continue to be amazed at the costly error that is repeated in the middle market sector.  The mistake is allowing a newly acquired portfolio company (portco) to retain their current Health and Welfare (H&W) broker based on a “relationship” vs skill sets.    In making this choice, opportunities to reduce the percentage of spend tied to human capital are often overlooked.

Health and Welfare: A Critical Component to Your Total Rewards Strategy

Health and Welfare: A Critical Component to Your Total Rewards Strategy

Let’s face it, when thinking about total rewards, base and incentive compensation is usually first on the list of priorities. Just as it should be. However, more and more progressive companies are seeing the benefits component of total rewards as a better differentiator in defining their employment value proposition. And, one allowing for many more design options than just compensation.

Compare Health Insurance Plans

Compare Health Insurance Plans

Here at Craford Benefits, one of the first objectives we are tasked with when working with a client is choosing the right plan type. Many factors are considered when determining this such as location, group size, financial budget, contributions, etc. We analyze all of these factors and then recommend a plan we believe best suits the client’s needs.

Association and Private Exchange Ratings and Contribution Strategies for the Small Group Market

Association and Private Exchange Ratings and Contribution Strategies for the Small Group Market

Dating back 25 years it was common for employers to pay a large portion of both the employee and dependent cost of employee health and dental insurance.  In many situations it was 100% of the cost for both employee and dependent.  Back then there was generally just one plan of benefits offered.  As HMO’s became more prominent it became more common to offer both HMO coverage and PPO coverage, many times through separate carriers.  Generally, employers charged employees more for HMO coverage so that they would not impair the claims experience for their experience rated PPO coverage.