What is Benefits Administration Software?

Introduction

Benefits administration software aids companies to plan and manage staff benefits packages and comply with government rules. Benefits administration solutions are leveraged to manage staff benefits like stock options and insurance plans, and enable open enrollment periods via an admin dashboard. Enterprises can also utilize these applications to see and adjust staff benefits packages. The tools typically offer staff portals and self-service features to allow employees to see, update, and manage personal documents and information.

HR departments commonly use benefits administration software to manage benefits plans and inspire healthy habits among staff. The platform helps organizations pinpoint the most valuable benefits to their employees and minimize expenses. It can also assist enterprises to comply with local and federal regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Affordable Care Act (ACA).

You can implement benefits administration software as a standalone product or as part of a combined HR management platform. Many providers of this software function as BPaaS (business process as a service) vendors by offering payroll and benefits administration services.

Features of Benefits Administration Software

Enrollment Planning

Enable employees to enroll in health insurance packages during open and special enrollment periods. Make alterations to benefits info in real-time.

Benefits Record Management

Manage and monitor staff benefits data and eligibility info in a centralized database.

Mobile Benefits Access

Offer access to staff benefits info including ID numbers, in- and out-of-network expenses, deductibles, and more.

Benefits Dashboards

A simple-to-read, real-time interface that shows a graphical presentation of the historical trends and current status of benefits information to facilitate instant and educated decisions at a glance.

Regulatory Compliance

Ensure your organization complies with state and federal benefits regulations, including HIPAA, ACA, and COBRA.

Self-Service Portal  

Permit staff to log in and view the details of their benefits programs 24/7, and enroll in plans and make changes as needed.

Total Compensation Statements

Generate historical and ad-hoc total compensation statements for your staff members. Workers can access statements to view details about their compensation, including wages, stock options, and benefits.

Document Management  

Store and manage onboarding benefits files such as W-9s, W-4s, I-9s, and other staff agreements.

Advantages of Benefits Administration Software

Provides You Complete Control

Benefits administration software allows employers to efficiently analyze, control, and monitor employee benefits management processes. For example, the solution ensures that you take the right amounts from your personnel’s payroll deductions and match the correct amount of staff contributions. In addition, it checks if the insurance companies are billing correctly. To facilitate this, the automated tool compares employer contributions, enrollments, and payroll deductions for each staff member against carrier invoices. This enables you to quickly identify and rectify deviations.

Ensures Compliance

It’s essential for employers to meet the benefits administration regulations stipulated by the government. These include labor laws, medical authorization, financial stipulations, and more. A good benefits administration platform can help your organization meet and update all compliance mandates. Some vendors even agree to pay for any costs that your company might incur because of their mistake.

Convenient System

With benefits administration software you can bid goodbye to paperwork. Automated tools can replace tons of paper and free up plenty of office space. The best part is users can access the benefits info anytime, from any place. Benefits administration apps thus are utilized by numerous organizations, brokers, and employees every day.

Eliminates Mistakes

In big enterprises, manual handling of benefits administration can lead to plenty of errors. Forms might be lost or misread by administrators. A benefits administration software is the solution as it automates data collection and lets you store and use all your benefits data in one place. Plus, the automated platform offers secure and safe cloud storage. Even if there is a computer crash, you can still easily access your files and info. Also, the data compilation procedure is integrated with all insurance carriers, so information updates are available to all parties immediately.

Saves Plenty of Time

Both the HR department and the general staff can save a lot of time in creating benefits packages and entering data respectively. Staff members can use their online accounts to quickly and easily access info about their benefits and find answers to their queries without needing to contact the HR unit. Automated systems permit automated enrollment to enable workers to enroll in benefits plans by themselves. Finally, mobile versions of the platform allow users to access and utilize the solution using their mobile devices.