Secova can work with your company to outsource the entire process of Benefits Administration or focus only on specific areas where you need administrative support.
Benefits Administration includes:
Offloading these tasks to Secova allows your staff to focus on more strategic initiatives and reduces or eliminates issues before they affect your employees.
Online Enrollment Services
Enrollment in today's world has moved beyond being just an annual activity, once a year at open enrollment. As workforces evolve & turnover, employee's encounter life altering events, and as corporate M&A activity continues to grow, the need to efficiently collect, manage, and message all of these changes has grown increasingly important. For companies looking to deploy employee self-service as a solution, Secova offers iElectTM, a fully hosted and maintained online enrollment tool that provides employees with a one-stop shop for making all of their benefit choices quickly and accurately.
Online Enrollment services include:
- Up-to-date online benefit information and links
- Online enrollments that are personalized and secure
- Accurate, clean data with efficient processing
- Accessibility anytime, anywhere
- Integration with existing HRIS & Payroll systems
The iElectTM tool guides employees through an intuitive election process that also allows for later modification based on major life-events or status changes that can affect the benefits available to your employees.
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Eligibility Management
As workforces become more geographically disperse, eligibility rules become more precise, and changes become more common than ever before, the need to accurately manage eligibility data to ensure you are covering for the right members has become increasingly important. Secova maintains dedicated data interfaces with hundreds of benefits providers and systems, making it seamless to collect & provide them with the information they need, in the format they need.
Eligibility Management services include:
- Electronic interfaces with vendors
- Eligibility verification
- Comprehensive life event processing
- Reconciliation and post-enrollment auditing
Our eligibility management services enable us to audit carrier records and proactively manage eligibility which leads to saved premium and claims dollars by avoiding overpayments and discrepancies.
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Premium Billing & Reconciliation Services
For both fully insured and self funded companies with a need to manage multiple plans, vendors, rates and bills, Secova's Premium Billing & Reconciliation services help identify, document, and resolve data and premium issues that lead to lost dollars. Secova calculates, audits, and prepares monthly premium billing reports as an objective party on your behalf so you can accurately pay your bills.
Premium Billing & Reconciliation services include:
- Automated and line-by-line reconciliation
- Discrepancy resolution
- Single-remittance billing
- Premium and funds transfer
- Periodic reconciliation and auditing
Secova works with you to establish a data baseline and performs the more difficult, detailed work of finding irregularities, determining their cause, and fixing problems before they become serious. We take on the responsibility of reconciling employee data, making sure plans and vendors are using the right information as well as resolving any billing discrepancies.
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Vendor Management
By leveraging Secova as a single point of contact for administration activities, your vendors can be identified, procured, and managed proactively instead of reactively allowing you to identify issues that are vendor specific but more importantly can be costing you money or driving down employee satisfaction.
Vendor Management services include:
- Dedicated interfaces with carrier information systems
- Secure and flexible data exchange
- Reconciliation and auditing of post-enrollment data
- Vendor assessment and performance analysis
As a key component of Benefits Administration, Vendor Management greatly simplifies the administration process by reducing your company's need to respond to every request for information or every issue regarding eligibility or payments from your vendors.
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Direct Bill and Retiree Services
Secova's direct bill and retiree services help you invoice, collect, and administer benefits that are billed individually. We can assist you with the preparation of monthly billing statements for your active participants, saving your staff the time and trouble of reconciling vendor billing invoices.
Direct Bill and Retiree services include:
- Participant enrollment
- Premium billing and collection
- Grace/reminder letters
- Premium remittance to employer
- Periodic status reports
We can also provide full home billing services for retired participants.
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COBRA Administration
Secova's COBRA Administration service has been designed to fairly and accurately address the needs of both the potential continuant and the employer organization. We have extensive experience providing these services and currently monitor and manage over 500,000 eligible participants on behalf of our clients.
COBRA Administration includes:
- Eligibility determination
- Auto generated notices
- Participant access to election information via web and HR Answer Center Coordinators
- Determination of premium to be billed
- Administration of passive annual enrollment
And, as an added option to help you save time and money, we offer Best Shore services allowing you to generate an ever greater return on your investment.
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These points are just a glimpse of what Benefits Administration can provide in each of these areas. We understand that every company has unique needs, so we will work with you to identify the best program and vendors for your situation.
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