More and more employers are exploring automated solutions to address the increasingly complex challenges of administering their employee health and welfare benefits programs. Today, 6 in 10 employers feel overwhelmed by the increasing complexity of their benefits program management.1 However, some HR teams hesitate outsourcing these functions due to five common myths and misconceptions.
Whether outsourcing your benefits administration for the first time or making the switch to a new vendor, it’s important to consider your current and future responsibilities and goals alongside your internal capabilities. Which route best aligns with your benefit needs and challenges?
Today HR can utilize a traditional benefits administration offering, marketplace or private exchange, or – with the support of a modern technology platform – implement both simultaneously to execute a hybrid strategy. But each organization faces unique challenges, meaning no strategy is a one-size-fits-all. To determine the right fit, employers must carefully consider strategic and technological options alongside their current and future needs – and also determine their employees’ needs as benefit consumers.
There are many factors to consider when evaluating a prospective benefits administration platform. While the technology powering your solution is a critical component, it is not the sole indicator of future success. Given the complex and ever-evolving nature of employee benefits, even the most robust tools require knowledgeable service and support to realize optimal efficiency.
Seeing a potential platform in action is an important part of any technology decision. However, there are several elements that are difficult to judge during a demo – but can end up having the biggest impact on your solution’s overall success.
While the first Affordable Care Act (ACA) reporting year is behind us, compliance challenges continue. Now employers face massive potential penalties with less margin for error, and still must wait for IRS final guidance and instructions for the second year of reporting. Stay proactive and prepped with these takeaways from the 2015 ACA experience.
As an HR leader, you are constantly challenged to do more with less – and tasked with providing high-quality benefits and programs despite constant increases in costs.
One of the most challenging aspects of benefits administration today stems from managing the many complexities of employee information from the perspective of preserving data integrity. When choosing an outsourced benefits administration provider – or auditing your current provider – it is important to assess that their underlying technology capabilities and infrastructure are capable of assuring data integrity and accuracy.
By Karen Bailey, Compliance Officer Empyrean Benefit Solutions
As we look to the year ahead in meeting ACA compliance with Pay or Play and the reporting requirements that support it, we fully anticipate changes on the horizon. Prior guidance reflects that some transition relief will be sunsetted. The IRS, per its usual course of business, is expected to issue clarification and perhaps even introduce new items related to the reporting.
By Rich Wolfe, CEO Empyrean Benefit Solutions
As the market for private exchanges in delivering health and welfare benefits has grown over the past few years, more employers than ever are considering if they should implement their own private exchange. If you’re one of those employers, I want to share some thoughts that hopefully will help you in your evaluation.
By Empyrean Client Advocate
Employers who may be exploring automated solutions for administering their employee benefits often let 5 common myths or misconceptions get in the way of their decision-making process: