Why Hire a Third Party Administrator for Your Employees’ Benefit Plans

If you own a business, your employees should have a benefits plan like the Employee and Family Assistance Program (EFAP). A third-party administrator (TPA) can help you set up and manage your employees’ benefit plans.

TPAs are experts in employee benefits to help you find the right plans and providers for your business. They can also help you manage the plans, including enrolling employees, tracking payments, and handling claims.

Below are a few reasons why you must consider hiring a TPA for your business:

1. They can help you find the right benefits plans for your employees.

TPAs have the knowledge and experience to help you find the right benefits plans for your employees. They can help you compare plans, find providers, and choose the right coverage for your business.

For instance, they can help you decide if you need a group health plan, an individual health plan, or both. They can also help you find dental and vision plans, as well as disability and life insurance.

2. They can help you manage your employees’ benefits plans.

TPAs can help you with everything – from enrolling employees to tracking payments to handling claims. They can also help you communicate with employees about their benefits and answer any questions they have.

In short, they take a lot of work off your plate, so you can focus on running your business.

3. They can save you time and money.

Hiring a TPA can save you time and money in the long run. They can help you find the best plans and providers for your employees, which can save you money on premiums. They can also help you manage the plans, saving you time and hassle.

4. A TPA can help you stay compliant with government regulations.

There are many laws and regulations that businesses must follow regarding employee benefits. A TPA can help you ensure you are compliant with all of the applicable laws and regulations.

In Canada, for example, businesses must provide certain types of coverage to their employees, such as health insurance. A TPA can help you make sure you are providing the required coverage to your employees.

5. They can provide other services to your business.

In addition to helping you with your employee benefits, TPAs can also provide other services to your business. For instance, they can help you with your payroll and human resources.

This can be a great way to save time and money, as you won’t need to hire separate companies for these services.

6. They can provide you with expert advice.

When you work with a TPA, you will access their expert knowledge and advice. This can be extremely helpful, especially if you are new to the world of employee benefits.

For example, 1 out of 3 employees in the workplace in Canada struggles with mental health issues. TPAs help you find the right mental health benefit for your employees because they are familiar with EFAP counselling service advantages in Canada.

7. They can help you customize your plans.

TPAs can help you customize your employee benefits plans to meet the specific needs of your business. For instance, they can help you create a plan that fits your budget or find providers that offer great value.

For example, they can personalize a pension investment plan for the future of your employees and their families, depending on the company’s values, size, and workforce.

Final Words

Overall, there are many reasons to consider hiring a TPA for your business. They can help you find the right plans, manage them, and save you time and money. They can also provide other services to your business, such as payroll and human resources.

Make sure that you take the time to find a reputable and experienced TPA that you can trust. The last thing you need is to switch TPAs in the middle of setting up your benefits plans.