3 Traits You Should Expect From an Experienced Benefits Administrator
August 1, 2019
Expertise, innovation and strong service are common characteristics for every successful business. But every thought, every idea and every positive customer experience is sparked by a business’s experience and the experience of its employees. And when it comes to benefits administration, you want to be sure your administration is experienced so they know what to look for when it comes to taking care of you and your employees. Here’s what an experienced administrator should be able to do for you.
Consumer-driven benefits, such as Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs), are governed by a number of federal rules and regulations. Compliance of these pre-tax plans is important, since plans that don’t comply could become taxable. And you’re required to prove compliance of FSAs and any other plans governed by Code Section 125, such as Health Reimbursement Arrangements (HRAs) and Self-Insured Medical Plans, by performing non-discrimination testing.
An experienced administrator should have experience not only administering plans, but proven experience administering compliant plans. And they should offer tools and technology to help you along the way and to help ensure your plans are compliant. For example, we’ve developed Discovery Tests™, an intuitive app that guides you through non-discrimination testing and gives you access to immediate results and past test reports.
Necessity is the mother of innovation. But how does a benefits administrator know what its clients, consultants and participants need? An experienced administrator should know to actively seek out feedback from you and your employees to understand your preferences, needs and more, and do so regularly.
We’ve developed knowledge based on experience and empowered our employees to drive many of your simplified solutions. But one thing we’ve learned in our three-plus decades in the industry is that some of the best ideas are sparked by information we’ve collected from our clients, consultants and participants. That’s why we stay engaged with you in many ways, including client/consultant surveys, on-site client reviews, our customer advisory committee, our presence at industry conferences and participant surveys.
Technology has simplified many facets of everyday life, helping to bring people, places and products more easily within your reach. The same can be said for benefits administration and your employees’ ability to spend their funds. The technology your benefits administrator offer should fit what you and your employees are looking for, and making managing benefits plans faster and easier for both of you.
Your customer feedback has been a main ingredient in many innovative solutions, including our mobile apps,improvements within your LEAP™ by Discovery Benefits account and enhancements to your employees’ online accounts to provide everyone with a more comprehensive experience!
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