Like any HR professional or benefit manager, your day probably consists of planning, directing, supervising, and coordinating issues related to employment, compensation, staff relations, health benefits, and workplace programs. On a regular basis you analyze policies, maintain records, educate others on regulatory changes, and more. There’s no doubt about it—you’re busy. In fact, you could probably use an extra pair of hands. So, let us help. In this post, we list the benefit management items to focus on in 2018 so you can spend less time worrying about what to focus on and more time knocking off tasks with lightning speed and efficiency.
A Benefit Manager’s Top 6 Items to Address This Year
1. Review 2017 benefit data, finalize your 2017 status and determine your preliminary status for 2018
Reviewing your company’s 2017 benefit decisions, policies, and plans should be your first item of business. You’ll want to know what was too expensive, what was underutilized, and what provided the most value because you’ll use this information to inform and advise C-level executives who need to make financial decisions for the upcoming year and beyond.
When reviewing the previous year, you’ll want to calculate the number of full-time workers and full-time equivalents you employed. If your company employed 50 or more full-time workers (or full-time equivalent employees), you’ll be considered an Applicable Large Employer (ALE) for 2017. When you’re done with this calculation, do a preliminary calculation for 2018.
Please be aware—it is possible for employers hovering at 50 full time employees to be classified as an ALE under the ACA and a small employer with respect to their fully insured group health plan.
2. Look at your financials and consider new funding methods like self-insurance
The number of full-time (or full-time equivalent) employees you employed in 2017 and the number you’re likely to employ in 2018 will help you decide whether self-insurance is a good option for your health, dental, and/or short-term disability plans. If you’re company is growing, it may be time to make the switch.
Of course, you’ll also want to take other variables into consideration such as your state’s regulations, stop-loss minimums, and your organization’s risk tolerance.
In the case of health benefits for retirees, the opposite is true. If your company currently self-funds health benefits for its retirees, it may be better to switch this segment of your benefit plan to a fully insured option as medical costs continue to skyrocket.
3. Run a litmus test to assess how well current benefits fit the company culture and budget
As time passes, companies change. As a benefits administrator, you’re responsible for making sure that benefits move with the times and grow with the company. A few benefits to litmus test each year, every few years, or when there’s a significant change in company culture or budget are: group life insurance, disability, and voluntary benefits.
4. Do something about gaps in your offerings
Upper management relies on your vast expertise for all things benefits-related. So, you’ll want to do an inventory on what you offer, what your competitors offer, what benefits are trending, and what talent wants and needs. You’ll want to be ready to advise C-level executives about how the company’s benefits package ranks and how it can be optimized to attract and retain top talent.
Some top benefits for 2018 include: student loan assistance programs, financial wellness programs, better paid time off options, pre-paid legal, long term care insurance, and pet insurance.
5. Look into better HSA solutions
With the healthcare landscape trending in the direction it is, chances are your organization offers a high deductible health plan and health savings account (HSA). But is your HSA any good? Are your support vendors any good?
Now that super-charged HSAs exist, you want to make sure you offer them. Don’t settle for a traditional HSA, opt for one that has all the elements we think of when we think of HSAs plus built-in support for emergencies.
For example, the Ready for Life HSA provides employees with a built-in, interest-free, payroll advance to cover unexpected medical expenses when there’s a gap between the amount they owe and what they’ve saved in their HSA. High deductibles are easier to manage with this type of HSA which means employees face fewer financial burdens—and that’s a win-win situation for you and your employees.
Also, while updating your HSA offerings, investigate switching to a better HSA vendor. HSA admin should be easy and painless, and with the right vendor, it is.
6. Double check that all paperwork has been filed or is set to be filed
Finally, you’ll want to double check that everything that needed to be filed was filed correctly and completely. The ACA and the changing benefits landscape have increased the complexity of benefit management and benefit managers must be more vigilant about reporting.
Invest in a Top-Notch Partnership
Reviewing benefit decisions, policies, and offerings is something you do each year. Make efficient use of your time this year by focusing on high priority tasks first. To help, we’ve listed six of the highest priority tasks. These are the ones you’ll want to tackle first. While you’re knocking these items off your to-do list, go shopping for a first-rate benefits administrator. Partnering with a reliable vendor is easiest when you’re in the process of reviewing and renewing policies and offerings. At Clarity, we strive to make benefits easy and affordable. Learn more about how we can help today.
