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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. PPACA 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 Zywave’s 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.

Read: 3 FAQs about IRS PPACA reporting requirements

Brokers know it’s time to assist

Another survey was sent out a few months ago asking how brokers viewed their role in PPACA 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 notalready have a solution for Section 6055 and 6056 reporting

Taking action

Brokers need to win new business by differentiating themselves from the competition. By seeking out a PPACA service solution offering, they can better retain their current books by being the trusted PPACA advisor their clients have come to expect.

Here’s something else that brokers can keep in mind: We recently discovered that 60 percent of brokers are considering using a PPACA 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 any tool you choose 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.

Instant Insights /

Finding a PPACA reporting solution: brokers to the rescue

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