The prime purpose of a benefits administration solution is to alleviate time-consuming tasks while remaining compliant. This includes mass enrollments, COBRA notifications, ACA reporting and other critical tasks.
If you are operating inefficiently with manual processes that are error-prone, it’s likely you have considered a benefits administration solution to put your HR department in the driver’s seat.
What are some of the key features a new solution should have to optimize your overall benefits administration strategy?
Cloud-Based
With benefits administration being transaction oriented and time sensitive, there’s no question the most optimal solution for it is in a cloud-based environment.
You and your employees should be able to access your benefits data and process benefits related transactions at any time and from anywhere. Employees should be able to use their smart phones to update dependent information, access benefit plan information or to enroll or re-enroll into company sponsored benefit plans.
A cloud-based solution puts the onus of maintenance and support onto the vendor’s shoulders so that your organization is not bogged down by technology and can focus on your employee assets.
Single Source
Benefits Administration should be part of a single source solution where one set of employee data works seamlessly with payroll, human resources and benefits. Data entry is reduced to a single point improving data integrity and usability.
It eliminates the need to coordinate data from multiple sources reducing time and errors. A single employee data source allows for employee profile information, benefits eligibility, benefits elections, compensation, paid time off, job information and payroll changes to maintain their integrity.
Compliance
Your benefits administration solution should decrease your organization’s overall risk and should ensure ensure benefits compliance and reporting for items such as: COBRA; HIPAA; FMLA; life insurance claims; disability claims; worker’s comp, FMLA and all other reporting your organization is required to maintain.
Employee notifications that are mandated should be easily distributed electronically.
Rules based Eligibility
It’s critical to keep track of dates and events that make employees eligible or ineligible for benefits coverage.
Your solution should allow you to easily determine the eligibility for each plan option within your benefits program; an employee’s eligibility at any given time; and, allow for you to define elibility rules on a wide range of data as your organization’s plan documents allow.
Self Service Portal
The most effective benefits administration solutions include employee self service functionality that allows employees to have more control over their information.
Effective application allows for the ability to pull plan documents and information; look up vacation balances, insurance data and submit claims. Employees should be able to download forms and make status changes electronically.
Ensuring these features are part of your benefits administration solution will allow human resources to remain strategic and efficient – freeing up time to invest in other employee enrichment initiatives.
EPAY’s employee benefits administration solutions ensure your benefits programs are run efficiently, accurately, and securely—all from one place. Schedule a demo today.