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As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
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If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?
If you answered yes to either of these questions, you may consider outsourcing your benefits administration.
Does my Staff Have the Time or Capability to Handle all Benefit Administration Tasks?
Unfortunately, an internal benefits staff often does not have the time or experience required to fully support all areas of benefits administration. “In today’s world with the battle for talent retention, a lot of people who have their benefits administration in-house have small teams,” said Carroll on WEX’s Benefits podcast. “They’re working on a system that’s outdated and doesn’t have the latest features and functions that a lot of our clients who are outsourcing do. So, they’re really challenged with just getting the day-to-day work done. Outsourcing helps teams be more productive and strategic, because they can rely on experts to help the run the day-to-day processes.”
In addition to being experts in benefits, an internal benefits staff’s skill set needs to include technical knowledge of systems and the downstream impact of changes, change control management and testing and regulatory changes. To meet all these needs, many companies hire additional staffing, especially when there’s high levels of turnover.
Working with a full-service benefits administration partner will give you and your employees access to benefits services from experts in this space, which frees up more time for your HR team to focus on other business needs. Any challenges around enrollment, eligibility, plan comparison, dependent verification and more are shifted from your internal team to your extended team without impact to your daily lives.
Does our Technology Make it Easy for Employees to Engage with Their Benefits?
When your benefits administration is all in-house, advanced technology features such as chatbots, mobile apps, AI, decision support tools and individual customization are usually unavailable or limited. Without benefits technology tools at their disposal, employees receive limited support with benefits decision-making and benefits communication.
A full-service benefits administrator should invest in research and development to continually drive technological advancement. Enhanced features, customizations and options will be a focus to encourage participation, reduce employee questions and provide an easy-to-use experience for employees. Your benefits team will offer full visibility into how and when new technology features will be available and how the enhancements will benefit your company.
Are Your Benefits Compliant?
Ensuring your company stays compliant is incredibly important and can be a difficult task. Unfortunately, without a benefits administration partner, you’re on your own to navigate these waters. That means you may have to hire additional legal staff or counsel to monitor, decipher and provide actionable steps to maintain benefits compliance.
On the other hand, a seasoned benefits administration partner will monitor and decipher current regulations and ever-changing legislation. When things change at light speed, it is imperative to have team members who understand what you need to do to stay compliant but also develop a detailed plan to execute, predict and account for downstream impacts. Your benefits administrator may also offer non-discrimination testing, which is required for flexible spending accounts (FSAs), health reimbursement arrangements (HRAs) and more.
Do our Employees Understand and Value Their Benefits?
In-house benefits administration makes it more challenging to provide a customized and valuable employee experience. Customization options such as naming conventions, relationship types, enrollment navigation and custom messaging may not be available. Without customized communication available, employees may not connect with all benefits updates or have the tools they need to make confident and educated decisions about their benefits.
If you choose to outsource, turn to a benefits administrator that gives you complete control over the look and feel of your benefits site, resources and educational materials. The benefits team at Advantage Administrators will work with you to customize your benefits process so your employees will be provided with a personalized experience and the ability to take control of their benefits. Customized benefits communication strategies such as mailings, emails, SMS notifications, custom verbiage, educational documents and videos will leave your employees feeling secure and satisfied with their benefits decisions.
The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.
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