EverythingBenefits - The Benefits Basics

EverythingBenefits: 2017 Year in Review

Posted by Peter Carille on Jan 23, 2018 12:00:00 PM

Now that the new year is underway, here is a perfect opportunity to reflect on the key milestones that helped lead up to 2018. It’s been a great year continuing to execute on EverythingBenefits’ mission, which is to cut out the bloated, manual, frustrating administration of benefits and to make the mundane, magnificent.

With that in mind, our company has accomplished A LOT last year, all while growing and challenging ourselves along the way. Thanks to our awesome team, partners, and clients, our momentum is only going to carry and build throughout 2018!

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Topics: EverythingBenefits, About Us

EverythingBenefits: Company Culture In a Nutshell

Posted by Peter Carille on Dec 21, 2017 4:08:16 PM

Company Culture. It may be a tricky thing to define. For some people, company culture has become a bit of buzzword in last 10-20 years, but for us here at EverythingBenefits…it’s more than that. It’s how we define who we collectively strive to be.

If I had to guess…chances are, most people spend as much time or more with their coworkers than they do with their loved ones (not that I don’t love my coworkers!). It’s through this time together that we develop our own special bond and develop our culture as a group. A strong culture within an organization attracts better talent and makes it likely that they’ll stay with your firm for longer. Even beyond that, positive company culture drives better outcomes for our partners and clients. As we strive to better ourselves and help each other grow (while having a bit of fun in the process), we are more successful in our mission of helping others. So what's our company culture like?

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Topics: EverythingBenefits, Company Culture, About Us, In the Office

5 Reasons Why Premium Reconciliation Is Exactly What Your Business Needs

Posted by Peter Carille on Nov 28, 2017 10:00:00 AM

If your organization is manually reconciling their benefits carriers’ invoices, then you’re probably fully aware of how painful a process it can be. Ensuring that employees enrolled in benefits match up with the carriers’ information is essential, but it doesn’t need to be time-consuming or stressful. 

Having transparency into employers’ fastest growing cost-driver is critical for any organization. Until now, manual benefits cost reconciliation has been a game of spreadsheets and line-by-line comparisons that sap weeks of productive time and offers little in the way of the actionable insights for employers.

Enter our latest product, Automated Premium Reconciliation - that’s right, our solution to all your manual reconciliation pains! We’ve put countless hours into ensuring that our solution matches carrier invoices to employee census records from payroll, benefits, or accounting platforms. Once that’s done, any data discrepancies are flagged to ensure you have a clear view to take any corrective action.

Reconciliation for benefits is a crucial task for any responsible organization, but it’s essential to use the tools that can help you perform the process as efficiently as possible. We’ve pinpointed what we believe to be the top five reasons why you should implement an automatic reconciliation platform for your organization.

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Topics: group health plan invoice, healthcare invoice, premium reconciliation, employer health plan

Benefits Premium Reconciliation is HERE!

Posted by Peter Carille on Nov 9, 2017 9:45:00 AM

Think of the most grueling, time-consuming and painful task or chore you know of. If you are in the club of companies that manually reconcile their benefits carriers’ invoices to ensure that employees enrolled in benefits are accurately matched to the carriers’ view, then that painful routine will surely fit the bill. 

Having full transparency into business’ fastest-growing cost driver is critical for any organization, and until now, benefits cost reconciliation has been the game of spreadsheets and line-by-line comparisons that sap weeks of productive time and offer little in the way of the actionable insights for employers.

Announcing the launch of EverythingBenefits’ Premium Reconciliation solution. The era of manual premium recon is officially over! Insurance premium reconciliation has become a fully automated game-changing process that now takes a few hours to complete instead of several weeks!

Our solution matches carrier invoices to employee census records from a client’s payroll, benefits, or accounting platforms. Data discrepancies are flagged to ensure a clear view into any necessary corrective action. What’s more, these insights are available in perspective of the prior invoicing activities - facilitating resolutions, visually identifying trends, and putting the employer back in the driver’s seat to manage their largest operating expense after payroll.

In our quest to drive automation and simplicity into everything benefits (pun intended 😊), we identified four key reasons why reconciling benefits is vital for employers:

1. Premium Leakage

Premium Leakage may happen for various reasons but it most commonly occurs when an employees’ employment is terminated, and yet the insurance carrier continues to charge the employer for the insurance overage of those employees let go by the company. A concern for your organization? Most definitely, with the likelihood that this kind of discrepancy (if not corrected) could rack up thousands of dollars in costs annually. 

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Topics: group health plan invoice, healthcare invoice, premium reconciliation, employer health plan

New Hire Reporting: Why It’s Necessary (and Required)

Posted by Peter Carille on Sep 6, 2017 11:52:47 AM

Every company in the U.S. must report new employees. Learn why, and how to do so efficiently. 

Picture this: You’ve spent weeks (or even months!) looking for the perfect new employee. After scrutinizing piles of resumes and sitting through countless exhaustive interviews, you’ve finally found the one. All the boxes check; they seem like the perfect candidate. You extend an offer, and they accept! Now they’re ready to work. That’s all there is to it, right? 

Not quite. If only recruitment were that simple…

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Topics: new hire, new hire reporting, new employee forms, new employee, new hire paperwork

Five Features Every COBRA Software Should Have

Posted by Peter Carille on Jul 20, 2017 10:14:55 AM

Get the most out of your COBRA Administration tools with these necessary features

We know what you’re thinking: what’s to love about a 30+ year old law that has employer’s scrambling to hit the post office with freshly printed notices and head out to the bank to make manual deposits? Unless that routine involves a scenic drive through the countryside, there are better options available.

For anyone out there who wants to control and manage the COBRA admin process with minimal effort and maximum joy, here are the five features to look for in the COBRA software of your dreams:

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Topics: COBRA, COBRA Administration, COBRA qualifying event, COBRA software, COBRA insurance, online portal

Four Features Any Benefits Enrollment Software Should Have

Posted by Peter Carille on Jun 21, 2017 9:27:06 AM

There are several benefits enrollment software solutions out on the market. It’s not only critical to look for a solution that has specific features tailored to specific benefits needs; a great benefits management or enrollment solution should make a company more efficient, save on benefits costs or leakage, and help with compliance. To help navigate the process of selecting a great solution, we compiled a list of the four most important features needed in any potential benefits enrollment software

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Topics: benefit changes, company benefits, benefits solutions, benefit enrollment

Four Types of Employee Benefit Changes

Posted by Peter Carille on Apr 20, 2017 2:44:46 PM

Managing benefits is tough for anyone and can be time-consuming and even confusing at times. Perhaps the most time and effort spent administering benefits comes from the different changes that can take place throughout the year. There are four types of benefit changes companies need to manage and be aware of:

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Topics: Employee Benefits, managing benefits, open enrollment, benefit changes, life change events, benefit plans

Managing COBRA Timelines and Coverage Periods

Posted by Amber Mahabir on Apr 4, 2017 5:54:04 PM

COBRA coverage may vary depending on the type of qualifying event. Know the difference.

Dr. Seuss once famously said, “Sometimes you will never know the value of a moment until it becomes a memory.” As is the case with precious moments, most people don’t realize how important health insurance is until it’s gone.

That said, one of the most stressful times for any employee is the loss of their group health plan coverage. It also creates pressure for whoever is handling the company’s benefits administration if they need to comply with the Consolidated Omnibus Budget Reconciliation Act (COBRA) and temporarily extend group health coverage to the effected employee.

Many companies choose to outsource COBRA administration. Read more about why here.

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Topics: COBRA, COBRA Administration, cobra timelines, COBRA CRM, COBRA health insurance, cobra coverage

The Most Common 401(k) Plan Violation

Posted by Peter Carille on Feb 23, 2017 11:08:16 AM

Understand your 401(k) processes and avoid losing your plan’s tax-qualified status

You take pride in going the extra mile to help your employees with their retirement planning by setting up your group as the 401(k) plan sponsor. You figure, “What’s a little extra paperwork, administrative fees, and contribution matching to help make my workplace more attractive and enjoy a little tax edge, to boot?”

Hold on, there! Despite all the work that goes into setting up a 401(k) plan, what many trustees don’t know is just how little it takes to lose your plan’s tax-qualified status.

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Topics: Payroll, retirement, automation, 401k plan, trustee, 401k contribution, department of labor