BENEFITS PLAN ADMINISTRATION
Plan Administration Involves the Day-to-Day Aspects of
Administering Your Plan with Carriers, Vendors and Employees
BENEFITS ADMINISTRATION TYPICALLY INVOLVES THE FOLLOWING:
- Open Enrollment / Enrollment
- Census Uploads
- Carrier File Transfers
- Dependent Verification
- Premium/Fee Payment
- Eligibility Verification
- Invoice Reconciliation
- Payroll Coordination
- Reporting
- Compliance: i.e. 5500s, ACA Reports, SPDs
- Assisting employees through-out the year
- Termination of Benefits
- COBRA
CHOICES IN DOING ALL THIS
(1) Do It Yourself – Use the Carrier or Vendor Customer Portal
(2) Human Capital Management System (HCM) – many HCM platforms have a Built-in Benefits Administration component
(3) Third-Party Administrator (TPA) – outsource the function to an outside service
(4) Your Benefits Broker – some insurance agencies have software or a customer portal to do Benefits Administration
(5) SaaS / Benefits Software – there are software platforms you can subscribe to that exclusively function for Benefits Administration