Five Things to Look for in a Benefits Advisor

Employers with their own self-insured health plan need a benefits partner who can deliver solutions. Your advisor or third party administrator (TPA) should help you stay informed, prepared and provide services and satisfaction for your employees. 

If your TPA is not making your life easier, start by seeking a partner that can provide: 

1. Knowledge. In a constantly changing healthcare landscape, being an employer who always has the right answers is not easy. Employers have a responsibility to be up-to-date on the latest benefit information — and need a partner who can sort out changing legislation, regulations and best practices, keeping you informed and your plan compliant. And, find a partner who is in constant communication with you; a partner who proactively looks out for your best interests.
    
2. Risk-Awareness. For most employers, taking on the risk of employees’ health care is the biggest concern when choosing a self-insured health plan. You need a partner that understands how to mitigate risk — not only by designing a customized plan for your business based on your own, unique employee population’s needs, but also helping you determine the right amount of stop-loss insurance to protect your business.
    
3. Guidance. Employee health concerns are uniquely personal. Healthcare decisions are not only financial, but emotional and physical, as well. The right administrator will provide caring, personal support and information for members, guiding them to make decisions that take into account both cost and compassion. With a TPA, it’s important that you trust the strength of their relationships with medical and pharmacy vendors to be reliable, trustworthy, and to deliver quality services to your employees. 
    
4. Simple Solutions. Employers do not want a solution that is difficult to implement or requires staff and plan members to learn new systems. The employer needs a valued partner with an implementation system that is easily integrated into commonly used daily reporting, easy for a CFO and HR staff to access and understand, and is completely seamless to the health plan participants.
    
5. Cost-Reduction. The ability to better control costs while providing competitive health benefits for employees is a primary goal for most employers that pursue a self-insured health plan. To truly help meet this goal, a TPA must also have an eye on the employer’s bottom line. With a deep understanding of the employer’s income statement and constant attention to how health care costs may impact finances, the right partner can focus on implementing the latest and best cost-saving measures while meeting your financial goals.