I had a friend in High School that graduated a year ahead of me and went straight to work selling life insurance ... to his friends (including me) and neighbors and of course his family.  He would speak enthusiastically about death and dying and how we just do not know when our number will come up.  He sold a lot.  He quickly became nicknamed ... "last chance" (enter last name here).

Wrap documents are being sold the very same way.  Companies "need" them.  I have read so many sales pitches about these that are 90% or more simple hype.  Look.  I "need" a new Porsche.  But, I am not going to spend what it would take to get one because my Honda is doing just fine.

Let me be clear.  Wrap Documents are NOT ... (get this please) NOT required.  SPD's are.  (Summary Plan Descriptions).  The ONLY reason to have a Wrap document as advertised for a mere $1,000 (plus whatever else can be charged for extra leg room or a better view) is IF the company has need to file multiple 5500's.  That means 2 or more.  We have not found anyone that can do a 5500 for $750 unless is it part of the broker service agreement.  So, it makes sense that if a Wrap Document could save on two or three extra 5500 prep fees, $750 is a good deal.  I am sure that selling Wrap Docs for $1,000 will get that company closer to a Porsche faster than I will, but I am sleeping really well at night and cannot wait for the day that that $1,000 fee goes the way of the Hula Hoop.

We are MoneyWise, not "pound foolish".  So, our Plan Documents start at $75 and if the group has over 100 participants, the fee tops out at $750.  MoneyWise for real Solutions.

Getting all the PPACA working and organizing the Federal agencies to sing the same tune at the same time is a task that is overwhelming to most Presidents.  This one is no different.  Here is an example.

WhiteHouse.gov is the touch point for information on every initiative of the current administration.  The PPACA takes a lot of the bandwidth on the website.  Since the law was passed over 4 years ago, over 30,000 pages of new regulation have been added to the worries of business owners and brokers in a very soft economic environment.  If you click this Link it will take you to the page on the White House site that plainly says that children can keep their coverage until age 27.

If you go to the DOL EBSA website on this Link it clearly says 26 as does every group health contract that I have seen for the last few years.

You know which one is correct.

My point is not to belittle or criticize ... but to make one simple point.  Getting the communications on what the plan is should be simple.  It is not because the change is not.  Most days each of us are asked questions that push us to others to get answers and far too often we find that their is NO answer yet.  Like the previously covered discrimination rules.  It is a double bind that will send many groups back to post tax deductions it seems.

The surprises and mistakes will continue ... so we just need to stay focused on what we know for sure vs what some websites may say that are just plain wrong.  President Reagan spoke of the Soviet Union when he said that to deal with them we were prudent to "trust but verify".  Fundamental change of how the Health Care System works is not unlike a longstanding concrete wall being torn down.  After the wall is gone, the other barriers and obstacles begin to be revealed.  Getting 27 vs 26 right is like that.  But there is so much more.  So very much more!