In a perfect world, your company would have high-performing health benefits and retirement plans that take very little time for your human resources department to administer. If it feels like that perfect world is little more than an elusive dream, then it’s time to find out what can happen when you let the benefits administration technology experts at LHD show you a better way with benefits administration technology that really does make life easier not only for HR but also for your employees.
Pain Points in Administrative Management of Benefit Plans
Talk to HR departments in companies across the US and ask them about the administrative aspects of managing the company’s health benefits and retirement plans and what will you hear? Brace yourself for an earful. Some of what you hear will likely include that it takes up far more time than it should. This is troubling because HR staff have all kinds of other priority issues to deal with. If the way the benefits are presented to employees is complicated, HR will be the ones to spend time walking them through it. Who’s responsible for ensuring regulatory compliance in the benefits and retirement plans? That would be HR, again. When HR staff are stressed about getting everything done on time related to benefits, it’s time for a better way.
Yes, health benefits and retirement plans are complex, but administering and managing them inside your company shouldn’t be. What makes the difference is having the right benefits administration technology, one that simplifies every aspect so HR spends less time on it and can focus on other more important tasks. At LHD our deep expertise in benefits administration technology will make life easier at your company.
What are the Elements of Good Benefits Administration Technology?
There are all kinds of benefits administration tools out there to choose from, but what’s going to solve all those pain points mentioned above? In our experience, a good solution will include the following:
- Process Automation: If any portion of benefits administration is being done manually by HR, then you don’t have the right technology.
- Employee Engagement: If employees can’t easily make sense of the benefits choices they must make, then you don’t have the right technology.
- Compliance: If tons of HR time is going into compliance with ACA, COBRA, or your own company’s benefits rules, then you don’t have the right technology.
- Cost Reduction: If it’s not easy to identify ways to reduce costs of administering benefits, then you don’t have the right technology.
- Integrations: If your benefits administration efforts are not integrated with carrier, HCM, payroll, and other employee systems, then you don’t have the right technology in place.
The beauty of having the right benefits administration technology platform in place is that all of the above becomes much easier to do through the simplification and effectiveness of the technology itself. LHD’s deep expertise in this area will help ensure you’ve got the benefits of administration technology best-suited for your company—and your HR staff will be forever grateful!
Our Suite of Complementary Services
While the above elements of a solid benefits administration technology solution will make HR’s life easier by leaps and bounds, LHD can take it even further with our suite of complementary services to lessen the administrative burden even more, such as the following:
- Outsourcing Benefits: You could choose to let LHD take over all the administrative tasks of managing benefits plans from your HR department. We know how to do it right because it’s at the core of our business.
- Billing and Reconciliation: Jettison the time-sink of paying monthly carrier bills, matching up participant eligibility to billing, and reconciliation. LHD can handle all that for you.
- Employee Help Center: Because benefits plans are complex, employees will inevitably have questions. Rather than taking up HR time, let the experts at LHD guide employees in making great benefit decisions.
- Administering HSA/FSA/HRA Plans: The details involved in administering tax-advantaged plan accounts can quickly snowball into more than your HR folks can handle. But Consumer-Directed Healthcare (CDH) accounts are wildly popular with employees. Let LHD do the heavy lifting for you and enjoy how much your employees will appreciate these options.
- Verifying Dependents: Making sure claimed dependents are eligible to participate in the benefit plan is an important way to eliminate wasteful spending.
- Employee Communications: We know how to make the most of communication with employees that lead to them making better benefits decisions. Let us craft your custom communications.
- ACA Compliance: From state reporting requirements to printing and distributing ACA forms to employees, LHD is happy to take all these tasks off the HR plate.
- COBRA Administration: Many HR teams find the administrative burden of COBRA benefits to be quite high. After all, your HR staff can’t be experts in everything. LHD can administer the full cycle as needed while ensuring compliance throughout.
Experiencing Next-Level Benefits Administration Technology
We hope this brief glimpse into what good benefits administration technology could be doing at your company has been an eye opener for you. There is a brighter future ahead for your understaffed and overworked HR department when you partner with LHD. You’ll benefit not only from our deep expertise in technology to make benefits administration easier, but also from the host of complementary services we offer to take even more of the benefits burden off HR’s shoulders so they can focus on higher-value tasks than the administrative aspects of benefits. Please drop us a line through the Contact Us page of our website or give us a call at 317.751.7049 to start the conversation and learn more about what LHD can do for you.