Employee benefits programs are a key part of a company’s employee engagement strategy. Strong programs can help attract and retain top talent. But a benefits program’s success is based on more than just a set of flashy offerings. It must also be administered correctly. And that’s not always easy to do.
Having the right partner – and the right technology – makes all the difference.
In addition to helping you mitigate both risk and cost, a good benefits administration partner will offer the following:
Analytics and Reporting
Having access to claims and clinical data is essential to making educated plan decisions. A good benefits administration partner will allow your HR administrators to quickly and easily generate reports in a real-time environment. A great partner will offer the ability to both customize those reports for your company’s specific needs and schedule those reports for automatic delivery in the format of your choice.
The implementation of the Affordable Care Act brought with it a multitude of ever-expanding health care reform laws that—if not followed—carry heavy fines. A good benefits administration partner will minimize the confusion about health care administration and offer a solution to alleviate compliance concerns.
For example, tools such as full-time-equivalent employee estimators will help you keep track of exactly which employees must be offered health insurance under the ACA.
Employee benefits programs are a waste of money if your employees aren’t taking advantage of its offerings. A good benefits administration partner will work to improve employee engagement with your company’s offerings. That starts with building a platform that is customizable to your employees’ needs and is easy to use.
As is the case with any offering, communication is key. Your benefits administration partner should help you make sure your employees are aware of deadlines, new benefits offerings and their enrollment progress through channels such as personalized text and email alerts, notifications, messaging and pop-up messaging.
The right benefits administration partner, coupled with the right technology, should make the benefits administration process easier and more efficient for both you and your employees.
Want to learn more about ACA regulations? Check out the answers to the three most common ACA questions.