Let’s welcome Q2, the time of the year when (if you don’t experience allergies) you can breathe easier from the whirlwind of the previous two quarters. The next few months offer an opportunity to reflect on the outcomes of your Open Enrollment: What went well? What would you alter? What lessons have you learned? This is also an excellent time to assess the performance of your third-party administrator. How effectively did they handle the demands of Open Enrollment?Â
When it comes to ancillary benefits such as Flexible Spending Plans, the program’s effectiveness often hinges on your administrator. A reliable Third-Party Administrator should be able and willing to do the heavy lifting, ensuring a seamless implementation and Open Enrollment, followed by smooth administration throughout the plan year. Trustworthiness, capability, and readiness to handle the complexities are non-negotiable traits to seek in a TPA. Â
Three Essential Expectations from Your Third-Party AdministratorÂ
- Employee Plan Education: The value of benefits hinges on employees’ understanding, that is why education is key, a good TPA should provide informative plan materials that can be shared with your employees during Open Enrollment and throughout the plan year. Employers whose workforce grasps Pre-Tax plans often reap cost offsets through tax savings.Â
- Consistent Communication: A reliable TPA maintains transparent and frequent communication with both employers and employees. Expect user friendly portals, clear and easy-to-understand reports delivered at least monthly, ensuring everyone stays informed.Â
- Leveraging Technology: In the era of automation, technology plays a crucial role, however, while automation streamlines processes, you and your employees are not a crockpot, the set it and forget it approach can at times do more harm than good. Your TPA should utilize technology for seamless information flow, including enrollments, status changes, and day-to-day administration. Nonetheless, a dedicated team should always be on hand to provide personalized support and guidance, ensuring your needs are met beyond Open Enrollment.Â
Ready to ensure seamless administration of your ancillary benefits?
Take charge now by partnering with a trusted Third-Party Administrator. Contact us today to discover how Catapult can streamline your processes and maximize your benefit plans.Â
