COVID-19 has raised numerous implications for businesses worldwide and ultimately has employers asking themselves, "How can we control costs?" The good news is, there are solutions available to help employers mitigate and control costs associated with their employee benefits. In 2021, benefit costs are expected to grow 4.4% on average according to a study by Mercer, so we're here to provide you with some options that we think will help you control your benefits costs, or at least make sure you're avoiding overpayments and are aware of discrepancies.
With increased concerns about physical and mental health, many individuals are turning to their employers for help. One of the biggest priorities employers have started to focus on is supporting employees’ mental health and well-being through their benefits offerings. Some of the expected benefits changes during COVID-19 may include expanding virtual or telehealth programs, enhancing mental health support, and adding or expanding voluntary benefits. With more sophisticated benefits and higher costs due to the coronavirus, comes a greater need to manage the costs associated.
How employers can mitigate or reduce costs with benefits technology
Managing employee benefits during COVID-19 has resulted in reporting and compliance implications for employers. More evidently, it has become difficult to manage and understand their benefits costs. Employers looking to mitigate or reduce costs can start by researching available benefits technology solutions.
At EverythingBenefits, our solutions have supported thousands of employers in reducing the cost of their employee benefits administration while also allowing them to save time and reduce manual-based processes. Check out some of our applicable solutions below:
- Benefits Reconciliation™ is the secret weapon to helping your company effectively manage benefits costs and reduce the likelihood of billing errors and compliance liability.
- COBRA Administration helps you stay on top of every aspect of your COBRA, while barely having to lift a finger. It automatically tracks active and prospective participants, manages invoices and remittances, and takes care of every aspect of COBRA Administration.
- Payments and Collections is your answer to facilitating the collection of payments for benefits or mandatory services from employees on reduced payroll, furloughed, or on leave so that they will no longer fear lapsing on their policies and other financial obligations.
Want to learn more?
The cost of providing employee benefits is growing and even more so due to COVID-19. Our latest e-book, How HR Can Control Benefits Costs During COVID-19 and Beyond, provides critical insights for getting started on the road to understanding, measuring, and better managing benefits costs during COVID-19 and beyond. Download our e-book to learn more about:
- The current workplace climate as it relates to COVID-19 and employee benefits
- How HR is responding to workplace changes and challenges
- Ways to tackle and mitigate benefits costs