An employee benefits offering is a powerful tool for businesses to utilize in order to both attract and retain employees. In fact, your benefits offering can make or break a decision for a potential new hire. However, even though employee benefits is an important area of focus for your business, benefits administration can be a challenging and stressful task.
In order to streamline benefits administration so that you can offer employees the offerings they want while still focusing on the business of your business, employers should consider an employee benefits solution from a company such as EBC.
Benefits of Benefits Administrations
With modern benefits administration solutions, employers are able to easily plan, set up, and administer their benefit offerings in one place while ensuring that enrollment and benefits data is securely and automatically delivered to carriers for open enrollments as well as life events.
Businesses can begin to provide an engaging, mobile-friendly enrollment experience,
enabling employees to manage their own elections from anywhere and make the best selection for their families.
How Does Benefits Help HR Professionals?
With employee benefits, HR professionals can gain instant, anytime access to the
tools needed to easily plan, set up, and administer benefits in one place, allowing for information to be reviewed and approved by the right people, quickly.
Benefits administration solutions also eliminate the need for manual enrollment and changes as well as updates for carriers. HR professionals can also expect a reduced risk of non-compliance with the ability to track COBRA-qualifying events and eligibility.
Some other key advantages of benefits administration solutions include:
- Comprehensive plan rules for eligibility, waiting periods, age, and banding for ensuring policy enforcement
- Dated plans to eliminate manual date-based changes
- Coverage levels based on pricing or units
- Evidence of Insurability settings for open enrollment, new hire, and life
change events - Passive enrollment option for automatic enrollment in the same benefits
- Premium surcharges capabilities
- Automated enforcement of court-ordered dependent coverage
- Customizable electronic forms for the collection of additional plan data
- Automated notifications to easily communicate to targeted employee
populations - Easy-to-use workflows to automate review and approval processes
- Automated connections to 600+ carriers, financial partners, and COBRA
administrators - Smart Forms, used when EDI files are not accepted
- Proactive, continuous data monitoring for data updates or changes
- Over a dozen real-time, benefits-specific reports that allow you to get a full
picture of plan effectiveness at any time - Benefits dashboard for visual insights and trends
- Employee self-service, including reviewing and enrolling in benefits,
comparing benefits, understanding contribution amounts, and updating
personal information
What's Next for Businesses?
To learn more about how EBC HCM is already helping countless businesses with employee benefits administration and ACA services, contact us today.
