employee benefits administration

Employee Benefits Administration

 

is responsible for assisting company management with all aspects of the company’s benefits program. This includes designing the plan, figuring out what options are available to employees and employers, providing educational materials on how to use available plans, and enforcing compliance with IRS regulations.

Outsourcing employee benefits services is an excellent idea for businesses looking to attract skilled and experienced staff to their organization. Employee benefits are one of the reasons job search candidates are attracted to your company and stay with you long-term. An excellent benefits package motivates employees to work at the highest efficiency level and facilitates higher staff retention. Without them, your company loses its ability to attract the most skilled personnel and fades away in the job market. Providing benefits also shows employees that the company values its partnership.

Companies struggle to keep up with their employee’s needs and want to attract and retain their best employees. Employees are the lifeblood of any company. They’re responsible for everyday tasks and can make or break their company with a single bad day. HR Service, Inc. helps by providing you with a benefits manager that can create personalized employee benefits packages for you, at a price that won’t break the bank. Create customized plans for different types of employees, from hourly workers to white-collar professionals. 

Employee Benefit Plans

COBRA (Continuation of Health Coverage) Administration

Cobra administrators have the qualifications needed to administer COBRA plans for small businesses. They are expected to be knowledgeable about how COBRA plans work, as well as all regulations that may apply to them.

Health Reimbursement Arrangement (HRA) Administration

Health Reimbursement Arrangements (HRAs) are one of the many options employers are considering for a more affordable healthcare plan. Let us provide you a quote for your group HRAs.

Flexible Spending Account (FSA) Administration

FSA administrators manage FSA accounts for various employers. We are responsible for ensuring compliance with IRS rules, providing detailed reports on account balances, and making changes when necessary.

Health Savings Account (HSA) Administration

Health Savings Accounts (HSAs) Administration of popular retirement savings plans. HSAs offer tax advantages and must be paired with a qualified high-deductible health plan.

Non Discrimination Testing

No matter what type of benefits your company offers, HR Service, Inc. can ensure your company is following the IRS testing requirements.

5500 Reporting

We will help you collect all needed information to file your 5500 reports, make the process simple.

Employee Benefits Administrators Role

The use of employee benefits administrators is one of the hottest trends in insurance today. According to the Society of Professional Benefits Administrators (SPBA) 66 percent of all U.S. workers are covered under self-funded plans, most of which are managed by independent, third-party administrators. But what do you look for in a TPA? If you’re an independent agent or broker, here are some things to consider. 

  • Your first step is to determine the needs of your clients.
  • Who are your target customers? And what types of workers do they have?
  • Determine if your customers are fully insured, minimum premium or are self-funded.
  • Then, find out what size of self-funded groups they have: small (50-200 employees), mid-sized (200 to 2,000) or large (more than 2,000). *This is important because TPAs that serve only large corporations may not be inclined to give proper attention to a company group of 75 employees.
  • Employees kept waiting for insurance cards for two months after enrolling, for example, will complain to their chief financial officer or human resources administrator.
  • Finally, determine whether your target customers are in a single state or if they are spread out. Also, find out what capabilities are important to them. Do they need a provider with online capabilities? Do they need a TPA that can provide self-service for employees? Are they looking for one that provides real-time information on claims?

Some of the responsibilities of Benefits Administrators include Resources management, handling regulatory administration, coordinating employee communications and training, as well as managing benefit services such as health care and retirement plans.

Let us Quote One of Your Employer Groups

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