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
Helping Employees Manage Out-of-Pocket Medical Expenses
The rising cost of health care, including prescription drugs, has made it increasingly difficult for employees to afford medical care. Employees may forgo medical care to avoid out-of-pocket costs, even when such care is recommended or necessary. Employees who do
U.S. Prescription Drug Spending Rose 10.2% in 2024
A new report from the American Society of Health-System Pharmacists (ASHP) revealed that prescription drug spending in the United States reached nearly $806 billion in 2024, up 10.2% from 2023. The increase was largely driven by the demand for weight loss medications,
DOL Issues Guidance on Independent Contractor Classification
On May 1, 2025, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin (FAB) 2025-1 on how to determine employee or independent contractor status when enforcing the Fair Labor Standards Act (FLSA). Background On Jan. 10, 2024, the DOL published a final
IRS Announces Excepted Benefit HRA Limit for 2026
On May 1, 2025, the IRS released the inflation-adjusted limit for excepted benefit health reimbursement arrangements (EBHRAs) for plan years beginning on or after Jan. 1, 2026. Effective for 2026 plan years, the maximum annual employer contribution for an EBHRA will increase
HSA & HDHP Limits Will Increase for 2026
On May 1, 2025, the IRS released Revenue Procedure 2025-19 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2026. The IRS is required to publish these limits by June 1 of each year. These
Health Plan Deductibles and OOPMs – Key Concepts for Employers
Deductibles and out-of-pocket maximums (OOPMs) are important cost-sharing parameters for health plans. A deductible is the amount an individual must pay in covered health care expenses each year before the health plan starts paying. An OOPM is the overall limit