Benefits Management
Manage, simplify, and automate the process for employees, managers, brokers, and insurance carriers.
- With online enrollment employees can view their options and make elections electronically. Managers can be notified to review and approve the elections and then make the new plans effective in the system with the approval process.
- Record and report the employer paid portion of premiums with benefit statements as well as being in compliance with new ACA regulations.
- Regardless of group plan size you can sync benefit changes directly to the carriers through carrier connections. Our relationship with EverythingBenefits ensures data and any relevant updates get to insurance carriers quickly, accurately, and without manual or redundant processes.
Benefits of Carrier Connection
Paperless:
Get rid of your paper and manual benefits processes. It costs $109.48 to manually enroll a single employee in benefits each year, according to CFO.com.
Automated:
Automatically deliver enrollment and benefits data to your insurance carriers for:
- Open enrollment
- Life change events
- New enrollments
- Address changes
- Terminations
Stop Overpayments:
Stop premium overpayments for employees terminated from coverage.
On average, one month of overpaid premius cost $520 for a single employee plan and $1,462 for an employee family plan. That doesn't even include overpayments for coverage beyond health insurance!
Types of Connectivity Provided
Insurance:
Securely and automatically communicate data to insurance carriers for:
- Health
- Dental
- Life
- Vision
- Short Term Disability
- Long Term Disability
- Other Supplemental Insurance (i.e. Hospitalization, Cancer, AD&D, etc.)
401(k):
Eliminate the need to have to manually send or upload files to providers every time payroll happens. The necessary data is securely delivered to 401(k) providers for enrollments as well as ongoing contributions.
Savings Account:
Administrators and banks will receive enrollment and contribution data for:
- Health Savings Accounts (HSAs)
- Flexible Savings Accounts (FSAs)
- Health Reimbursement Arrangement (HRAs)
- Premium Reimbursement Accounts (PRAs)
*Society for Human Resource Management (SHRM), “2012 Employee Benefits Landscape in a Recovering Economy,” June 2012, 63.
