Open enrollment is already the busiest time of the year for HR professionals and third-party administrators. This year, the ongoing pandemic may add a few new wrenches into the works.
That means it’s time to bring your “A” game and face this year’s benefits administration challenges head on. Here’s what you can expect – and how you can prepare.
Challenge One: A Remote Workforce
There’s a good chance that many of your employees are working from home. You might be working from home, too.
This can make open enrollment more challenging, but the right software can provide the solutions you need for success. In addition to the tools you’ll use to communicate with employees, don’t forget about options that will make benefits administration easier on your end. For example, with lockbox services, you can simplify payment collection, whether checks are mailed to a P.O. Box or sent electronically.
Challenge Two: A Busy Workload
You probably have a lot going on right now. If you try to take on too much, you might end up making careless mistakes. That can lead to even bigger headaches down the road.
The more you can get off your plate, the better – and automation provides the perfect way to do that. By automating process like retiree billing and open enrollment for COBRA participants, you’ll free up some time and avoid human error.
Challenge Three: A Tight Budget
The coronavirus recession has hit a lot of companies hard. Some businesses are laying workers off. Others are closing.
To survive, businesses might have to get creative about finding ways to save money. Sometimes, this might mean sacrifice, but other ways of saving money might actually make your work easier. Print fulfillment services, for example, can reduce your workload and your overhead expenses. That’s the sort of win benefits administrators need this year.
And Don’t Forget About the Old Challenges
With all the new challenges that must be faced, it can be easy to forget about things. But old challenges – like ACA compliance – haven’t disappeared.
This is going to be a challenging open enrollment, and you have a lot to keep track of. There’s only so much a person can do, though, and there are only so many hours in a day. That’s why it’s essential to have state-of-the-art software that manages key processes.
Don’t let compliance issues slip through the cracks. Learn how to simplify ACA reporting.