Due Diligence Questions:
If you are considering outsourcing your company's benefits eligibility management you should take into consideration whether your vendor meets the following technology and service criteria:
- 1. Does the benefits application integrate with payroll, facilitating employee deductions and contributions?
- 2. Are key benefits functions "paperless," such as employee enrollment, benefits plan design, and around-the-clock access to key information?
- 3. Does the provider manage Open Enrollment from end-to-end, including employee communications and online enrollment?
- 4. Are you able to devise a benefits contribution strategy, with commensurate funding levels that best fits your company's financial objectives?
- 5. Do you receive a full range of benefit offerings including HIPAA, COBRA, ERISA, Flexible Spending Accounts, life and disability insurance, benefits communications, summary plan descriptions and multiple plan options?
- 6. If desired, can your provider "shop the market" and negotiate plans on your behalf, preventing you from expending time and resources doing this yourself or working in tandem with a broker?
- 7. Do your employees have the support they need in the form of a dedicated, toll-free call center staffed by benefits experts?
- 8. Does your provider have a history of keeping benefit rates well below market, year after year?
- 9. Are all online transactions protected by best-in-class security, including 128-bit SSL encryption, HIPPA compliant and password protection?
- 10. Benefits are eligibility management on a scalable platform that offers economies of scale?