Tuesday February 27th, 2018
When you’re considering a switch between your current benefits administrator to a different company, the process may feel overwhelming. Without a doubt, this decision will come with some stress and confusion, but the end result often makes it well worth. Use these tips to simplify the switch and take advantage of the benefits of relying on a better administrator for your company’s benefits.
Before you decide on a new benefits administrator, take some time to do your research. Some companies claim to offer excellent service, but their customer reviews tell a different story. You should be able to get more information, including detailed cost breakdowns and what’s included in your plan, well before you sign a contract. If the provider you are considering won’t offer this type of information, this is typically a red flag and cause for concern, as they could be hiding something.
You should also look at the benefits of making the switch, such as price incentives, discounts, or several months of free service by choosing to transition to another provider. These benefits will be important when you’re deep in the process of switching, so make sure they’re worth it.
When you’re in the middle of the takeover process, you might wonder why you made the decision to switch. Between blackout periods and learning new systems, you’ll probably face a lot of questions from participants and have to provide a lot of information to the new provider.
During this stressful period, try to focus on the reasons you decided to make the switch. Perhaps your previous administrative company was impossible to reach or provided poor service. Maybe you needed more choices to offer to your employees to help retain and attract top talent, but your previous benefits administrator was limited in what they could provide. You might have been struggling with sharp price increases that your business couldn’t afford.
No matter what the reasoning was behind the decision, it’s valid. Remember the frustration of poor service, lack of options, or price hikes to remind yourself that the switch is worth it.
Above all, make sure to remain in close contact with the rep at your new benefits administration company. Every good company will assign you a single contact person with whom you can address your questions and concerns throughout the process. This point of contact should be responsive and helpful. If you’re not getting the response you need, it could be a sign of issues to come.
Infinisource Benefit Services is currently offering a takeover promotion to help simplify your company’s benefits administration process for flexible spending accounts, health savings accounts, health reimbursement accounts, and transportation/parking plans. We’re an industry leader when it comes to service and compliance. We also deliver impressive support and resources to eliminate the stress that comes with switching over to a new company.
Why not switch now? We’re offering up to three months of service FREE if you make the switch. It’s worth making a change to work with a company you can trust to handle every aspect of benefits administration. Contact us today to learn more about this exciting promotion!