Ease Benefit Administration
Employee Benefits Administration and Software
Employee benefits administration can be a nightmare for employers - especially during open enrollment season. An Human Resource executive faces a variety of challenges:
Voluntary employee benefits providers offer administration answers.
Employee Benefit Administration
Employee benefits administration is a daunting challenge. Employees want and need individual attention, and the need to document every option suggests that administrative software and systems are necessary.
Certain companies that offer voluntary employee benefits understand the unique challenges of administration. They also understand the need for personalized education for employees and the inability of most employers to provide these capabilities and resources.
Employee Benefit Software at a Great Price
Voluntary employee benefits providers offer a unique solution to administration challenges: trained counselors to provide personalized education for every employee, and state-of-the-art software systems designed to help employees understand and appreciate their options, capture elections and maintain compliance.
These administration capabilities are all provided at an amazing cost - zero. Providers understand that when employees sit with in individual meetings with trained counselors they will buy supplemental insurance - because they trust the counselor and understand the value. So they are eager to provide the manpower and software systems employers need to properly administer their programs - all at no cost to the employer.
Benefit Administration and Compliance
Compliance is a critical element of administration. With so many rules and regulations, it is far too easy for an employer to inadvertently cut corners and put the employer out of compliance.
One of the most common compliance problems centers around payroll deduction authorizations. Most employee programs are paid for with pre tax elections. IRS regulations are very clear: changes can only be made during an open enrollment period, unless there has been a qualifying life event.
Since changes can only be made during specific time frames, and deduction amounts change, getting signatures from all employees each time a change is made is paramount. Storing and retrieving the signature data can be an expensive compliance tax. Voluntary employee benefit companies provide systems that capture and store electronically stamped employee signatures, that maintain employer compliance.