Compliance
Large employers are required to offer full-time employees and dependents the opportunity to enroll in qualifying health coverage. Failure to offer coverage or even offering coverage that does not meet certain affordability and coverage standards, could result in large tax penalties being levied against your company.
Human Resources
Human Resources is a critical and complex piece of every business. Our experts can provide a broad range of services to either support your existing HR team or serve as your companies own HR department at a fraction of the cost.
Financial Planning
Parrott Financial serves as a link between your business and the multitude of investment and insurance options available. Through strong carrier relationships and exceptional customer care, we will create a custom financial plan tailored to your business’s unique needs and goals for overcoming economic challenges.
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Latest News
Common Health Plan Compliance Mistakes to Avoid
Employers that sponsor group health plans are subject to many different compliance requirements under federal law. Keeping track of these various requirements can be challenging, even for the most attentive employers. Mistakes can easily occur, which may trigger penalties, excise
2025 CAA Compliance: RxDC Report
EFFECTIVE DATE: June 1, 2025 Under Section 204 (of Title II, Division BB) of the Consolidated Appropriations Act, 2021 (CAA), insurance companies and employer-based health plans offering group or individual health coverage and self-funded or Administrative Services Only (ASO) group
Medicare Part D Disclosures due by March 1st for Health Plans
Group health plan sponsors are required to complete an online disclosure form with the Centers for Medicare & Medicaid Services (CMS) on an annual basis and at other select times, indicating whether the plan’s prescription drug coverage is creditable or
Top Health Plan Compliance Issues for 2025
Employers should be aware of the top compliance issues that may impact their health plan coverage for 2025. Some of these compliance issues are established requirements for employers, such as the new simplified reporting under the Affordable Care Act (ACA).
2025 Federal Poverty Levels May Impact Employer Liability
The U.S. Department of Health and Human Services (HHS) updates federal poverty levels (FPLs) each year to determine eligibility for certain programs and benefits. HHS’ new guidelines set the 2025 FPL for an individual at $15,650 (up from $15,060 in 2024) in
HHS Announces HIPAA Audit Program Will Resume
The U.S. Department of Health and Human Services (HHS) recently updated its HIPAA enforcement website to announce the start of its 2024-25 audit program. HIPAA is enforced by HHS’ Office for Civil Rights (OCR). According to OCR, the 2024-25 HIPAA audits will