Benefits Administration Eats Up Time
It’s been estimated that small business owners spend 1.6 hours per week on typical benefits administration tasks, with more time required for employers with more staff members and/or multiple benefit plan options offered. Companies of all sizes can benefit from streamlining benefits with HR technology to make completing their annual benefits tasks faster and easier.
Benefits Management software gives HR administrators the ability to easily manage benefits, no matter how many employees they have, especially with an online system that allows employees to review and choose their own plans. Additional compliance aids, like Affordable Care Act Compliance support, simplifies eligibility and reporting. Plus, when the benefits administration system is cloud-based, the need to print, assemble and mail packets and complete paper forms is eliminated. But great benefits management software can do much more.
Why You Need Benefits Management Software
Timely and Quality Communication
Part of benefits open enrollment and management is informing your employees about their options. Benefits management software allows HR staff to communicate with employees effectively. HR can communicate through various channels like podcasts, web-based videos and online chat rooms and forums. And quality, uncluttered communication with employees can lead to better-informed decisions.
24/7 Access to Information
Questions about benefits don’t just come up during the workday. A self-service portal allows employees to access and compare plans, make selections and review current benefits 24/7 via a desktop or mobile device. The convenience of all-hours access is positive for both employees and back-office staff. A centralized system provides transparency and allows managers to make sure employees have access to information.
Compliance
Companies need to make sure they are compliant with their healthcare offerings and benefits management software can do the heavy lifting when it comes to COBRA, HIPAA and other regulations. Built-in Affordable Care Act (ACA) compliance helps eliminate confusion surrounding eligibility. With rules-based eligibility, you can ensure only the employees who qualify for coverage are able to review their options and enroll.
How Arcoro’s Benefits Management Works
The Arcoro® Benefits Management module is an easy-to-use, cloud-based solution that improves the experience for both employees and HR teams. It’s configured for easy program set-up and integrates with over 300 partners including leading insurance carriers, payroll providers, ERP and HRMS. This module in the Arcoro suite simplifies critical workflows, improves reporting and increases employee engagement during open enrollment and throughout the year.
HR professionals need simple configurations, the ability to generate reports, automate key workflows and create employee emails to effectively and efficiently manage benefits. That’s where Arcoro’s Benefits software comes in. This module eliminates data entry and manual paperwork, ensures accuracy with compliance features and enhances the employee experience.
Main features include:
Benefits Administration
- Robust configuration to accommodate plan, eligibility, EOI, rollover and mapping rules
- Dependent and beneficiary management
- Plan utility tools (processing, deletion, termination, recalculation)
- Employee communication tools
- COBRA benefits notification to carriers
Third-Party Integration
- Over 300 established carrier, payroll, ERP and HRMS interfaces
- EDI file feeds and scheduling
- Accurate payroll exports and reporting
- E-filing for ACA reporting
Employee Experience
- Web-based and mobile access 24/7
- Personalized benefits profiles and statement
- Configurable enrollment screens and ability to add detailed plan information and links
ACA Compliance
- Automated eligibility notifications
- 1094/1095 forms generation
- Multiple EIN reporting
- FTE/ALE forecasting
- Enrollment rosters
Arcoro’s benefit management software streamlines your HR benefits process, giving employees an easier way to manage benefits while leaving HR time to focus on strategic initiatives.
See for yourself by scheduling a demo today.
