Remember when the conclusion of open enrollment season was marked with a collective exhale and you were able to enjoy the holidays knowing the busy season was behind you? So much for that. ACA reporting deadlines are right around the corner (individual statements are due Feb. 1, and IRS returns are due Feb. 29), and your clients need help meeting them.
Employers are begging for help
Based on our annual Broker Services Survey of more than 1,000 employers, we found that 93 percent of employers say it’s important that their broker is able to provide compliant plan documents. What’s more—33 percent of employers reported that their current broker does not provide, or only partially provides, these documents.
In conjunction, over the summer, my team conducted a broker market research survey and discovered that many of brokers’ large clients had already contracted with vendors for e-filing. However, they were still seeking a solution for those employers (with fewer than 250 employees) who are able to paper file.
Brokers know it’s time to assist
Another survey was sent out a few months ago asking how brokers viewed their role in ACA reporting and what ways they would like to support their clients on this topic. We received more than 600 responses the very first day the survey was open. Here’s what they told us:
- 77 percent of brokers said that clients ask them for help completing Section 6055 and 6056 reporting
- 60 percent of brokers said their clients did not already have a solution for Section 6055 and 6056 reporting
Our response to these findings was to create a solution that would help drive meaningful results for brokers, while also meeting a very apparent need in the market—and that solution is Zywave’s ACA reporting tool. This tool is included for any Zywave partner with Broker Briefcase® Benefits and either a MyWave Elements® or MyWave Connect® portal. A broker is able to win new business by differentiating themselves from the competition using this service offering, and they can better retain their current books by being the trusted ACA advisor their clients have come to expect.
Here’s how it works:
- Brokers instruct their clients to begin tracking information in the Section 6055 Reporting Workbook and the Section 6056 Reporting Workbook, found in Broker Briefcase Benefits.
- Brokers then release the ACA reporting to their clients’ MyWave Elements or MyWave Connect portals.
- Clients can then import their completed workbooks into the ACA reporting tool. The completed IRS forms will be delivered to their inbox within minutes, ready to be reviewed and filed!
We recently discovered that 60 percent of brokers are considering using their ACA reporting tool as a fee-for-service generator, at a rate of about $1-$2 per employee, per month (PEPM), or for an annual fee of $500-$5,000. Whether you decide to charge or not, I’d recommend assigning value to the tool to make your clients more aware of all that you provide to them. Offering this service and your guidance will help build loyalty and create exit barriers for clients, and promoting your ability to meet employers’ demands is a great way to prospect and win new business.
To learn more about Broker Briefcase, MyWave Connect or MyWave Elements, visit www.zywave.com Or email email@example.com to see the tool in action.