Is administering your Group Benefit Plan costly and labour intensive? Are you committing employee resources to this task? Would that time and expertise better serve your business if allocated elsewhere?
Owen & Associates Administrative Services may be your answer. Third-party administration is a service which assists plan sponsors in managing the required day-to-day activities of benefit programs. The required services will vary from one benefit program to another, as will the delivery of services from one administrator to another. One of the common needs of all plan sponsors is to satisfy regulatory compliance and to pass governance assessments when they are applied to their benefit programs. What distinguishes plan sponsors, from one another, is the degree to which the specific requirements of their constituents and their own objectives are reflected in the operations of their plans. That demands flexibility and creativity in the administration. Our full-time professional staff is dedicated to handling all aspects of benefit plan administration, from enrollments and terminations to billing and account reconciliation. We administer benefit plans for over 1,000 plan members across Canada.
The more benefits you offer, the more complicated the administration of those benefits will become. Are you using two or more benefit providers, and getting frustrated with multiple monthly invoices and reporting procedures? The dilemma becomes if you should continue to handle your own benefits administration or should you hire someone else to do it?
You must ask yourself;
- How involved in the administration process am I or my Human Resources / Payroll Department?
- Can I afford to purchase the software or hardware required to manage the process myself?
- Will self administration take too much of my or other employees’ time?
- Are we aware of our responsibilities and potential liabilities as they pertain to the administration of our benefit program?
The hallmark of Owen & Associates Administration Services is adaptability. Our support systems have been developed and revamped around that theme. We constantly strive to meet the requirements of a diverse client base, through staff who have been, and continue to be, trained to provide meaningful assistance to plan sponsors and plan members.
The great temptation as a business owner, financial or human resources manager will be to handle the administration of your benefits yourself. The road to frustration is lined with business people who have convinced themselves that they could handle their own administration.
What are the advantages to using a third party to administer the group benefit services for your business?
- EXPERTISE – As a small business owner, insurance is not your field of expertise, but it is ours. With decades of experience behind us, we have the knowledgeable staff to help you make quick, cost effective decisions.
- EXPENSE – For certain benefit plans, like medical insurance for self employed business owners, the cost of hiring a third party administrator can be significantly less than using your own untrained workforce.
- EASE OF ADMINISTRATION – Finding group benefits for small business owners is only one part of our overall coverage package. Our team is able to help with every aspect of the administration of your group benefits package.
So, whether you have a staff of less than ten people or an employee population over 500, you should think first of Owen & Associates when you start looking for insurance coverage. Third party administration can save you time and money now.
If you would like more information on our TPA services and our TPA fees to service your account, please contact Owen & Associates for a no obligation quotation for your company.