Should I Offer Third Party Administrator Healthcare For My Employees?
Employment candidates have become more focused on “benefits” like healthcare than they are on salary. In other words, employees will take a little less pay as long as they are provided with health insurance. Business owners are figuring out ways to provide better healthcare benefits while avoiding the complex navigation of health insurance plans for employees. Third party administrator health insurance is becoming a favored solution.
The Push For Health Insurance
In 2018, there were about 27.5 million people that were uninsured. That is about 8.5% of the population. Employers are being hard-pressed to provide health insurance for their employees to close the gap. However, navigating health insurance for employees, especially for small business owners, can be a nightmare full of complexities.
The third party administrator health insurance helps employers provide great health insurance coverage without having to juggle obligations. The employer can stay focused on their core business while the third party administrator manages the details of the health insurance plan.
TPA’s Are the Solution
A third-party administrator health insurance company is a vendor that is an expert in the management of health insurance. The TPA handles billing, healthcare plan design, claim processing, record keeping, billing, and compliance. The TPA takes the stress out of providing employees with great health coverage.
Most employees are very good at what they do because they have spent years learning the trade and industry that they are involved in. However, they are not experts in navigating health insurance companies and all the work that it entails. Partnering with a TPA ensures that this area of their business is managed by experts in the health insurance field.
It Saves Time and Money
TPAs keep a close eye on plan details and costs. They can help the business owner to save money on health care plans for employees. The TPA can also save the employer time in the process of choosing and managing a health insurance plan for employees.
If you are looking for a solution to provide your employees with health insurance coverage, consider a third party administrator health insurance company to manage the entire process for you. Your employees will feel appreciated and you will be able to put your focus where it needs to be instead of managing your employee health insurance program.