Benefits administration involves lots of moving parts. Your employees need options to be able to sign up for the benefits they prefer (especially when there’s an employee contribution), and your company needs to ensure accuracy, efficiency, and compliance. Thankfully, benefits administration software streamlines many of the actual tasks of benefits administration.
How can you be sure to choose the right benefits administration software for your company? Here are a few of the must have features for benefits administration software:
Compatible with payroll software and other HR functions
When choosing benefits administration software, you need HR solutions that are integrated with each other. Timekeeping data ingrained with scheduling and payroll makes both systems more effective. Likewise, payroll and tax software integrated with benefits administration software handles pay deductions for insurance, retirement savings, and other routine benefits-related-tasks.
Easy-to-use and customizable
Just like not every employee wants vision insurance, not every company needs the same cookie-cutter benefits administration software. Your HR technology should be scalable and easily customized to the unique set of benefits at your company. The interface needs to be user-friendly as well as reliable to minimize the training time for staff and employees.
Built-in enrollment services
New hires and changes to benefits require a ton of paperwork. Luckily, HR software can streamline that process with autofill data and EDI feeds directly to carriers. Say goodbye to needless complications at each phase of the employee lifecycle:
- New employee onboarding
The onboarding process is notorious for redundant paperwork. New hires are subjected to hours of forms, applications, and agreements, but paperless onboarding and benefits saves time and money for everyone.
- Annual open enrollment
For a few weeks every year, open enrollment occurs at companies across the country. This is the designated period when employees can sign up for new insurance benefits or change their benefits plans. Benefits administration software can help employees compare their options and complete paperwork quicker and easier.
- Qualifying life events
Some life changes require an immediate change in benefits policies, without waiting for the next open enrollment period. For example, adoption or the birth of a new baby might mean adding another dependent to insurance policies. Marriage, a death in the family, loss of coverage, and moving may all require changes to benefits.
- Employee offboarding
Offboarding seems to require almost as much paperwork as onboarding. Benefits administration software software documents the transfer and completion of COBRA paperwork for compliance purposes.
Make sure your company is compliant with regulations like the Affordable Care Act (ACA) and the Health Insurance Portability and Accountability Act (HIPAA). Clear communication with employees and systems confirms when tasks and paperwork have been completed. Benefits administration software standardizes and documents processes like leave requests, helping to ensure that employees are treated fairly.
Software also analyzes data for non-discrimination testing, which may be required by the IRS. Some benefits programs, like employer-matched retirement savings, can disproportionately benefit higher paid employees. HR software providers should take compliance issues seriously and express their availability to resolve any compliance-related issues that arise quickly.
Secure data management
The personal data of employees is a popular target for cyberattacks and ransomware. Dealing with the personal data of employees and their bank accounts, your benefits administration software must be as secure as possible. Health insurance documents also have information protected by HIPPA.
Make sure that employee data is protected at every stage of processing, especially when transferred online to the IRS and insurance service providers. Find out whether your service provider uses a carrier feed or EDI connection to relay digital information securely. Ask about other security measures for data storage and remote access.
The better benefits administration software providers will include employee portals for workers to access their own benefits. Employees should be able to access their secure portal 24/7 from home in case their spouse has questions or needs to input information.
Employees may need to change their insurance policy after a qualifying life event or during open enrollment. They may want to track their accumulation of PTO or verify how much they’re paying toward a particular benefit.
Employee education and training
Your workers will need an introduction to benefits programs and employee portal navigation. If you already have a Learning Management Solution, then custom training and education can be added to your current onboarding curriculum. Ask your benefits administration software provider about training resources and materials adapted for your employees.
Knowledgeable customer support
Beyond compliance concerns, you need your benefits administration software to work reliably. Even when there’s a user error, your employees still need access to their benefits. Customer support should be able to resolve issues in a timely manner, not just kick the can down the road.
Not all HR software providers are created equal when it comes to customer support. At Netchex, customer service is always a top priority. Thanks to our highly personalized, expert, and proactive approach to service, Netchex has one of the highest customer satisfaction scores in the industry.
Benefits broker buy-in
Insurance carrier integration requires the secure and efficient transfer of sensitive data for initial signup, billing, and updates to policies. The software you choose should provide meaningful insights and comparative data to your employees and benefits administrators.
The best benefits administration software will work hand-in-hand with your employee benefits broker, providing accurate and up-to-date data to ensure a more balanced and beneficial plan. With Netchex, companies can grant access to their brokers to ensure everyone is on the same page when it comes to employee benefits.
Reporting and analytics
Do you know which benefits are least popular with employees? Which benefits are most cost effective? Get automatic reporting and analytics to better understand your workers and adapt to their needs. When it comes to benefits administration, your HR software can compile an extensive range of data for analysis.
Benefits administration has a multitude of different facets, but the right HR software can streamline and simplify the most important tasks. Talk to the team at Netchex to find the best solutions for your business.
Learn more about Netchex’s Benefits Administration software:
Learn more about our Benefits Administration software, where comprehensive doesn’t have to mean complex. Netchex makes Benefits Administration easy, straightforward, and worry-free.
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