• BENEFITS ADMINISTRATION

    Benefits Administration Made Easy With iSolved Technology

When it comes to benefits, Baron has you covered. We offer both managed services as well as the technology to assist with benefits management and processing needs.

Our technology simplifies the complex task of managing your workforce benefits. iSolved’s paperless enrollment process increases employee engagement, and includes checks and reporting to help smooth out the complexities of your open enrollment period. We work hand in hand with your broker and will ensure your employees have the information they need to properly and efficiently manage their benefit selections.

Managing benefits has never been so easy. Set up your benefit plans once, and that will drive enrollment and deductions throughout the system. In addition, iSolved connects with carriers to ensure all life events are properly communicated to the carrier on time.

Ensure Timely, Accurate Benefits Carrier Submissions All Electronically

Our electronic benefit carrier submissions ensure your data and any changes get to the insurance carriers timely, accurately and without any manual processes. Employee enrollment data is securely communicated using digitized enrollment forms or electronic data interchange (EDI). baronHCM’s workforce management software for electronic carrier submissions lets you:

Go Paperless—Get rid of your paper and manual benefits processing. It costs $109.48 to manually enroll a single employee in benefits each year, according to CFO.com.

Become Fully Automated—Automatically deliver enrollment and benefits data to your insurance carriers for:
Open enrollment • Life change events • New enrollments • Address changes • Terminations

Stop Overpayments—Stop premium overpayments for employees terminated from coverage. On average, one month of overpaid premiums cost $520 for a single employee plan and $1,462 for an employee family plan. That doesn’t even include overpayments for coverage beyond health insurance!

Our iSolved HCM software can handle a variety of submissions, Including:

Insurance—Securely and automatically communicate data to insurance carriers for:
Health • Dental • Life • Vision • Short Term Disability • Long Term Disability

Other Supplemental Insurance (Cancer, Hospitalization, AD&D, etc.)

401(k)—Eliminate the need to have to manually send or upload ¬les to providers every time payroll happens. The necessary data is securely delivered to 401(k) providers for enrollments as well as ongoing contributions.

Savings Accounts—Administrators and banks will receive enrollment and contribution data for:
Health Savings Accounts (HSAs) • Flexible Saving Accounts (FSAs) • Health Reimbursement Arrangement (HRAs) • Premium Reimbursement Accounts (PRAs)

Whatever your specific needs or problems, contact us for proven workforce management solutions—powered by iSolved HCM.

Other Benefits Administration Services From iSolved and baronHCM

Save time and money while you provide your employees with a full range of retirement planning and managed benefits services, including:

  • Retirement Plan Administration—BaronHCM will work with your team currently servicing your company’s retirement plans to assist in administering your plans and provide timely information to minimize your compliance risk. Additionally, we will move all retirement plan monies (deferral, company match, and loan repayments) timely to your investment record keeper so you won’t have to worry about any ERISA violations.
  • COBRA Administration—Continuing legislative changes are making COBRA harder to administer, not easier. With the right technology, you can spend your precious time managing your workforce, not administering COBRA. We ensure Open Enrollment, State Continuation, USERRA, and Eligibility are all handled properly. If your business objectives include compliance, but not tedious time-consuming administration, we’re here to help.
  • Flexible Spending Account (FSA)—A Flexible Spending Account (FSA) is an employer-sponsored benefit plan that allows employees to deduct money from their pay on a pre-tax basis. By offering a Flexible Benefit Plans, the employer saves payroll taxes and the employee saves FICA, federal and state taxes.
  • Health Reimbursement Arrangements (HRA)—Health Reimbursement Arrangements (HRAs) are another major part of the growing trend toward greater consumer health care responsibility. An HRA can be used in conjunction with a high deductible health plan to curb premium costs or with a Flexible Spending Account (FSA) to help cover out-of-pocket expenses.
  • Health Savings Accounts (HSA)—The HSA is a full featured spending and savings account with limited cash requirements and automatic roll over into market driven mutual fund investment elections. An HSA provides your workforce a stake in managing their own health care purchasing. Most important, an HSA account is portable; employees keep any unused funds for use in future years and to roll over those funds when they leave the company.
  • Premium Only Plan (POP)—A Premium Only Plan is a win-win offering, saving money for your company and your workforce. You will pay less payroll taxes and by paying insurance premiums on a pre-tax basis, your employees’ taxable income is reduced and less income tax is paid.

Explore iSolved and learn how it can POWER your workforce.

© 2016 baronHCM