Pricing of services
For benefit plans with an effective date of January 1, 2016 services are available at the following rates:
|benefits planning and design consultation||$300 flat rate*|
|plan document1||no charge|
|summary plan description1||no charge|
|health plan compliance toolkit to avoid tax penalties||no charge|
|employee communications||no charge|
|employee enrollment support||no longer offered|
|health plan claims administration||$12 per employee per month4|
|employee assistance programs||varies/customized|
|discrimination testing||$200/hour (if required2)|
|preparation of benefit plan financial statements||$200/hour (if required2)|
|tax form preparation||$200/hour (if required2)|
|commercial insurance enrollment||50% of enroller's fee or agent's commission|
|public insurance enrollment through an affiliated exchange||Not offered at this time|
|Other benefits enrollment (non-commissioned)||$200/hour3|
|Audit services||$200/hour (if required2)|
In order to maintain this low fee schedule we assume the following:
- Online Service. All employees are comfortable and proficient in the use of personal e-mail and basic online financial transactions for benefit plan transactions and communications.
- Initial payment. Initial setup fee is paid in advance of the plan start date and is not refundable after adviser begins work on the new benefit plan design, communication or setup.
- Monthly payment. Claims processing fees are payable monthly after presentation of the summary claims report. Previously billed fees must be paid before the next claim report is prepared.
- Insurance/Investments. Freedom Benefits representatives share in the revenues earned by any insurance company or investment company, insurance exchange or plan administrator that provides products or services to the benefit plan.
- Termination. Services and fees may change at any time with prior notice. In the absence of this notice, services continue on a month-to-month basis as established.
Calendar Year. Employee benefit plan accounting is completed after the last day of the calendar year. This pricing schedule assumes that the plan year is the same as the calendar year. If the plan year is different than the calendar year then additional accounting costs may be incurred.
These conditions are designed to keep keeps to a minimum. Changing these principles will change the pricing of services.
* See http://tonynovak.com/flat-fee-for-tony-novak-cpa.html for the latest information about the flat fee consultation.
1 Except investment company proprietary 401(k) plan documents that may have a separate fee. Our sample prototype plan documents should be presented to your attorney for review.
2 These services are usually not required for small business employee benefit plans.
3 This cost may be paid by either the employer or the employee. Some firms offer this service as a qualified employee benefit program while others consider it a personal financial planning expense.
4 We prefer to not provide this service when another qualified third party claim administration service provider is available through the health insurance carrier.
Schedule a free call with Tony Novak CPA, MBA, MT to ask how your firm can reduce costs and improve employee satisfaction with your benefit options. No fee for initial consultation.
FreedomBenefits.org web site is independently owned and operated by Tony Novak Certified Public Accountant operating under the trademarks "Freedom Benefits", "OnlineAdviser" and "OnlineNavigator". Opinions expressed are the sole responsibility of the author and do not represent the opinion of any other person, company or entity mentioned. Tony Novak is not an agent, broker, producer or navigator for any federal or state health insurance exchange but may provide uncompensated advice, reviews and referrals to these official resources. Novak is compensated as an accountant, adviser, affiliate, consultant, marketer, reviewer, endorser, producer, lead generator or referrer to some of the commercial companies listed on this site. Information is from sources believed to be reliable but cannot be guaranteed.