Find the Right Partner to Support Your Employee Health Benefits
Not all employee health benefits administrators are created equal. There are some important considerations when looking for a TPA partner who will help you optimize your health plan.
Health benefits are one of the most important factors that attract and retain talent in today’s competitive job market. They also have a direct impact on your employees’ well-being, productivity, and satisfaction. However, not all health benefits partners are created equal. Some may offer you low-cost options, but with hidden fees, poor service, or limited insights into your plan’s utilization.
First things first, there are several types of partners you might work with to provide health benefits to your employees. These could include brokers, insurance carriers, third-party administrators (TPAs), administrative services only (ASO) organizations and direct care providers.
A TPA, like Nova, delivers support for self-insured (also referred to as self-funded) health plans. TPAs provide administrative services for the health plan, including customer service, claims administration, member enrollment and reporting. The services provided by a TPA may span a broad spectrum and can often be customized. As in many industries, you can tailor your arrangement to match your requirements.
Is your head spinning? We get it. There are a lot of decisions and options when it comes to employee health benefits. That’s why it’s important to do your homework on employee health benefits and find a partner that can offer you not only the best upfront rates but deliver the right value in the long term.
A good partner should offer a comprehensive and flexible plan that meets your specific needs, a reliable and responsive service that handles claims and inquiries efficiently, and a proactive and innovative approach that helps you manage costs and improve outcomes. A TPA partner should:
- Provide customized plan recommendations that suit your budget, goals, and workforce demographics.
- Offer a wide range of options and flexibility to adjust your plan as your business grows or changes.
- Give access to network solutions with high-quality providers and specialists, as well as innovative tools and resources to help your employees manage their health and wellness.
- Assign dedicated account managers, responsive customer service, and transparent reporting and analytics.
- Support compliance with relevant laws and regulations regarding health benefits, such as the Affordable Care Act (ACA), the Employee Retirement Income Security Act (ERISA), Limited English Proficiency (LEP) and the Health Insurance Portability and Accountability Act (HIPAA).
By evaluating these core services carefully, you can find a partner that will help you optimize your health benefits strategy, enhance your employee experience, and achieve your business objectives.
Of course, there are many other factors that may influence your decision, depending on your unique situation and goals. Do your research, compare different options, and ask for referrals and testimonials from other businesses in your industry or niche.
Remember, choosing the right partner to administer your health benefits is not only a smart business move, but also a way to show your employees that you care about them and their future. So don't settle for less than you deserve. Find a partner that can help you achieve your vision and make a difference in the lives of your employees and their families.