Your employees play a vital role in the success of your business. As such, you want to ensure that you take care of them in every way possible. One of the best ways to do this is to offer them a comprehensive benefits package that meets their needs and helps them stay healthy and productive.
A good health insurance plan is an important component of a strong benefits package. However, designing and managing a company health insurance plan can be daunting. That’s why many businesses choose to hire a third party administrator (TPA) to help them with this process.
What Are Third Party Administrators (TPA)?
A TPA is a company where you can outsource the management and administration of your employee benefits, including the Family Employee Assistance Program (EFAP). This can include health insurance, dental and vision plans, retirement savings plans like 401(k)s, and more.
Benefits of Using a TPA
1. Saves You Money
One of the biggest benefits of using a TPA is saving you money. TPAs know the market and how to get the best deals on plans and coverage for your employees. They also have expertise in administration, so you don’t have to worry about any compliance issues.
2. You Can Focus on Your Business
When you outsource benefits administration to a TPA, you can focus on running your business. You don’t need to think about the details of administering benefits or whether you comply with the law.
3. Your Employees Will Be Taken Care Of
When you use a TPA, you can ensure that your employees’ benefit needs will be taken care of. The TPA will work with them to find the best plans and coverage for their needs. And if there are any problems, the TPA will take care of them, so you don’t have to.
For example, TPAs are experts in knowing what your employees need. One of these is taking care of their mental health wellbeing since one out of three employees in the workplace in Canada struggles with mental health problems. So, they will find suitable administration services for health benefits at work.
4. A TPA Can Help You Attract and Retain the Best Employees
When you offer good benefits, you attract and retain the best employees. And when you outsource benefits administration to a TPA, you can be sure that your employees will have access to the best plans and coverage. This will help you keep your top talent.
5. You Have Peace of Mind
When you outsource benefits administration to a TPA, you will have peace of mind. You know that your employees are taken care of, and you don’t have to worry about compliance with the law. Plus, you can focus on running your business without worrying about benefits administration.
6. They Can Provide Expert Advice
You get more than just benefits administration when you use an experienced TPA, such as LifeWorks. You also get access to expert advice. For example, if you’re unsure what benefits to offer your employees, a TPA can help you figure it out.
Go to their website to see how the EFAP program at LifeWorks works.
7. They Can Help with Communications
A TPA can also help with communications between you and your employees. They can make sure that your employees understand their benefits and use them. In addition, they help with open enrollment and other times when you need to communicate with your employees about their benefits.
8. They Can Help with Compliance
A TPA can help you comply with the law and your benefits plans. For example, they can help you make sure that you comply with the new Health Care Reform laws.
As a Summary
Using a third party administrator (TPA) for your employee benefits has many benefits. TPAs can save you money, help you focus on your business, take care of your employees, and help you entice and retain the best employees. Plus, you will have peace of mind knowing that your benefits are being taken care of by experts.
On top of these, look for a third party administrator, such as LifeWorks that offers complete administration services. Learn more about the services offered by LifeWorks by visiting their website.