Don’t Waste Time on Bad-Fit Benefits Administration Solutions
APRIL 2, 2024
Many businesses rely on benefits administration technology to manage open enrollment, new hire benefits, eligibility, and benefits communication. Selecting the right benefits administration technology can be a time-consuming process, and if not done right, it can be costly to replace. With so many vendors in the marketplace, how do you cut through the noise and select the solution that is right for your company?
USI Insurance Services has evaluated top solutions for small to midsize businesses, and based on the technology needs of these employers, has curated recommendations in these areas:
Benefits administration — From simple data management to full-service enrollment and communication, benefits administration platforms can reduce time spent on manual processes, cut down on costly errors and liability, limit confusion and miscommunication, and ensure eligible employees and dependents have access to the benefits they are enrolled in.
HR and compliance — Human resources management systems can provide a variety of solutions, from handbooks and forms to payroll and performance management. Some vendors, such as Mineral, provide tools and resources to help small businesses improve regulatory compliance and avoid costly fines. For example, employers can be fined $110 per day per affected individual for failing to provide COBRA notices.
Employee benefits education and communication — Helping employees better understand the benefits offered to them can increase engagement and improve job satisfaction. Some benefits administration platforms include employee communication and education support, such as developing custom open enrollment communications plans and one-on-one enrollment support.
Depending on the platform, costs can range between $3 and $5 per employee per month (PEPM), though some vendors will subsidize the rate, which can reduce or eliminate PEPM fees entirely. Even at $5 PEPM, the investment for an organization with 30 employees is under $2,000 per year — well worth it for peace of mind.
USI provides additional value-added services, such as our Benefit Resource Center (BRC) to help resolve employees’ benefits questions and claims issues, as well as access to the Mineral HR and compliance platform. These solutions reduce daily administrative demands so you can focus on other important business goals.
How USI Can Help
Why spend time and money chasing down the wrong benefits administration solution for your organization? Contact your local USI benefits consultant or email ebsolutions@usi.com to learn more about how we can help you save time and optimize your technology investment.
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