In today’s rapidly evolving landscape, where reliability, efficiency, and expertise are of the utmost importance, finding the right third-party administrator (TPA) to administer your employee benefits is crucial. As we delve into the key considerations for choosing the right TPA, we'll explore the crucial role of reliable service, leveraged technology, extensive experience, diverse product offerings, and the value of additional materials. Through this, we aim to equip you with the insights needed to make an informed decision and find a partner that not only meets your needs but exceeds them at every turn.

1. Service You Can Count on

Picture this: you have an urgent benefits issue come up and you need quick assistance from your TPA. After picking up the phone to call them, you’re met with a never-ending automated menu or long hold times. This difficulty with reaching a live person can leave someone feeling unvalued and frustrated. This scenario illustrates the critical importance of customer service representatives who are not only available but fully understand your benefits offering to provide quick and timely support.

Employers who are looking for a TPA to administer their benefits should prioritize selecting a provider with a proven track record of excellent service.

To help identify gaps in service for your TPA, consider the following:

• How easy is it to speak to a live customer service representative?
• What are the hours that client/participant representatives are available?
• Are there metrics your TPA can provide regarding their customer service satisfaction rates?

2. Leveraged Technology

Navigating the complexities of benefits administration can be daunting, but one simple solution to streamline the process is partnering with a TPA that effectively leverages technology. This can present itself in many ways, including the ability to simplify administrative processes, automate certain tasks, provide real-time access to important information, provide enhanced security, and much more. Additionally, comprehensive reporting capabilities play a vital role in fostering transparency to gain deeper insights into a benefits programs.

To take it one step further, integration and usability should also be considered. A seamless and user-friendly online system ensures smooth functionality and maximizes the value of the benefits program for both employers and participants alike. When you offer multiple benefits with a TPA, you likely have the ability to manage all those benefits through one account, and your participants can view all benefit information in one platform.

When looking to identify the technological capabilities of a TPA, consider the following:

• How often are there unplanned system outages?
• Can multiple benefits be managed through the same online account?
• What safeguards are in place to protect data?
• What capabilities are available related to online reporting, participant management, etc.?

3. Experience to Rely On

When seeking a TPA to partner with years of experience can trump everything else. A TPA might have state-of-the-art technology but simply hasn’t been around long enough to experience large-scale legislative changes, such as the Affordable Care Act or unexpected emergencies, like the COVID-19 pandemic. Opting for a partner with a proven track record of longevity signifies resilience and stability in navigating the ever-changing landscape of employee benefits.

Not only do you want to look for a TPA who has experienced and adapted to difficult situations but also one who can show stability. This means finding a TPA who’s had the same ownership structure long-term and hasn’t merged several times over. Mergers and/or ownership structure changes creates the potential for a host of problems, including increased prices for their services, communication gaps, and more. Choosing a stable partner indicates financial security, consistent performance, and a solid foundation to build a mutually beneficial relationship on.

Consider the following to identify an experienced TPA:

• How long has your TPA been in business?
• Does your TPA have other clients who are similar to your business in size, industry, etc.?
• Has your TPA been acquired or merged with other TPAs?

4. A Diverse Product Offering

Employers should prioritize selecting a TPA that offers the comprehensive suite of benefits their organization requires. Opting for a TPA who offers a wide range of benefits streamlines efforts by having less vendors to coordinate with, reduces the administrative burden, and enhances the employee experience through one platform. At EBC, employers who offer multiple benefits can manage them all through one platform and their employees are able to see those benefits in the same online account.

With product offerings, think about how you and your employees can benefit from having benefits under one TPA:

• Does the TPA specialize in one offering, or do they offer various benefits you offer, including a flexible spending account (FSA), health savings account (HSA), COBRA, etc.?
• Can participants use the same card for multiple benefits or do they have separate cards for separate benefits?

5. Value from Additional Materials

Value-added services that are included with your offering can significantly enhance the overall benefits experience for participants and employers alike. Offering supporting materials, such as well-developed online resources, communication toolkits, blogs, webinars, and other education content not only showcases the TPA’s expertise but empowers employers to effectively communicate complex topics with their participants.

Moreover, these value-added services demonstrate the TPA’s commitment to going above and beyond, positioning them as a trusted partner invested in the success and well-being of their clients and participants.

Areas to consider:

• Does your TPA offer materials to support with communication efforts for open enrollment and beyond?
• Are there webinars or blogs available for employers to help understand complex topics?
• Do you receive updates on important legislative/compliance topics that may affect your benefits?

Looking for a trusted partner?

Look no further! With our comprehensive suite of services and unwavering commitment to excellence, we’re ready to support your organization at every turn. From seamless administration to value-added resources and personalized support, we go above and beyond to ensure your satisfaction and success. Experience the difference with EBC as your benefits administration partner and let us help you unlock the full potential of your benefits program.

Upcoming Webinar

On April 25, 2024, EBC is presenting Mergers and Acquisitions Set to Rise Again in 2024: What Does This Mean for Your Consumer Driven Health Benefits? In this webinar, we will review what impact buying (or selling) a company has on consumer driven health benefits, and review options for “Mid-Year Takeovers” if your current TPA gets acquired by someone new who isn’t performing as expected.