U.S. healthcare reform seems to experience a sea change every few years. One of the results of this is more complex and time-consuming employee benefits administration requirements. More companies are turning to outsourcing partners to help them cut costs and relieve their internal resources of new regulatory burdens.
Below are three reasons companies using Workday for their employee benefit programs should already be relying on a partner for Benefits Administration Services and COBRA continuation coverage.
Outsourcing Benefits to a Workday Services Partner Who Has Been There, Done That When It Comes to Policy Change Such as ACA
No one really know what's going to happen when complicated federal laws are changed. The only certainty is uncertainty. But if your employee benefits administration partner has been through a drastic policy shift before, and knows how to apply new regulations to Workday, your company benefits from their experience and expertise.
For example, a benefits outsourcing partner that has helped customers understand how changes to the Affordable Care Act may impact their benefits is equipped to evaluate how the customer's Workday Benefits application will incorporate those changes. They can, in turn, educate your team on how those changes will be implemented in Workday.
Outsourcing Benefits Reduces Costs and Takes the Administrative Burden Off Your Team
Outsourcing benefits to a partner that understands how regulatory changes around ACA, and other compliance changes, will operate within your Workday Benefits application frees your team from the administrative burdens posed by those changes. By monitoring time-sensitive events and alerting you to upcoming deadlines, renewals and expirations dates, your benefits outsourcing partner can help you avoid the financial penalties triggered by noncompliance.
Outsourcing Benefits Lets You Focus on What’s Really Important—The People Who Power Your Company
When you have an experienced Workday services partner helping you shoulder the administrative burdens posed by new rules associated with ACA compliance and other healthcare-related regulation, you have more time to focus on what matters to your company. Whether you're looking for ways to control the rising costs of providing medical benefits, or simply spending more time on the human side of human resources, you can divert your time and energy to where it’s needed most.
The employee benefits landscape is always changing, and that’s never been truer than it is now. The good new is you don’t have to face those changes alone. With the right benefits administration partner, your team can focus on what’s important, such as strategy and the company’s long-terms goals, while your outsourcing partner helps you handle the escalating regulatory and administrative burdens that are just over the horizon.