Your benefit enrollment process may be paper-based right now, or you may be working with a provider who is not meeting your expectations. The common segmented outsourcing of business services results in inefficient management, as well as mistranslated data between the various providers. Frustrated?
You are not alone.
Employers all over the country are beginning to realize the potential impact of the Affordable Care Act (ACA). Insurance mandates are calling for drastic alterations in a company’s infrastructure. Due to the length of the ACA (2,700 pages!), the specificities are quite extensive.
Primary to the mandates is, payroll. Determinations for requirement eligibilities rest principally on hours and wages. Wouldn’t it be nice to have a one-stop-shop for all your back-end business needs? Wouldn’t you feel more assured knowing that your data – taxes, reported hours, deductions – is all in the same system guaranteeing accuracy?
Our workforce management offering, iSolved, enables your business to engage in employee eligibility, benefit selection, benefit enrollment, carrier connection, bill reconciliation, and cobra administration in one solution, all the while maintaining ACA compliance. As a fully integrated human resource and payroll software, iSolved allows employers to leverage existing employee and payroll data to more efficiently manage benefits administration activities.
- Benefit Selection:
– Preview available coverage plans, with a licensed insurance broker of your choice, to decide which plan is right for your business and employees
- Employee Eligibility:
– Automatic trigger sends a notification to the employer and employee when an employee becomes eligible for benefits after 90 days on payroll
- Benefits Enrollment:
– Register enrollees conveniently online
– Easily add additional new hires
– Alter plans due to life events
– Renew coverage during annual enrollment
- Carrier Connection:
– Direct connectivity with the insurance carriers
– Distribution of notifications, correspondence, election packets, and COBRA termination notices as required by law
– Maintaining qualifying events and HIPAA loss-of-coverage data on-line
– Processing election forms, and tracking key dates to ensure accurate and timely responses to COBRA administrative requirements
- ACA Compliance:
– The complexities of the PPACA present a need for expert advising
– After the passing of the ACA, the market observed a 15% increase in businesses looking to outsource benefits administration
– CPS ensures compliance through data tracking
– Industry experts guarantee to stay on top of relevant news, updates, legislation, and standards