How Analytics Help You Save With Your Benefits Administration
January 15, 2019
Education is a critical component of offering employee benefits. If your employees aren’t confident in their knowledge of the plans you offer, they’re less likely to participate. For example, over two-thirds of employees said they didn’t enroll in a Health Savings Account (HSA) partially because they didn’t understand HSAs.
Analytics cut to the core of the plans you offer, providing you with in-depth information based on statistics. That’s why we’ve built Discovery Analytics™, the only platform in the industry that provides real-time analytics on all administrative services at your fingertips. See how using analytics to answer some common questions will help you boost participation.
How much am I saving?
The monetary savings you see when your employees participate in employee benefits, such as HSAs and Flexible Spending Accounts (FSAs), is in the form of FICA taxes. Contributing to these plans reduces your FICA tax responsibility.
Do you know how much you’re saving in FICA taxes? You can find out in Discovery Analytics™, which is located within LEAP™ by Discovery Benefits. The FICA Tax Savings chart shows your company’s annual FICA savings on each of your plans. You can add the FICA Tax Savings chart – or any chart – by clicking “Add Widget” from your LEAP™ homepage.
What are my employees’ common questions?
Customer service is linked to a business’s success. After all, customers won’t do business with the same company each year unless they feel valued and appreciated. For employee benefits, third-party administrators fill that customer service need, answering your employees’ questions.
The next step for your administrator should be providing data around those questions. Knowing what to focus on when communicating the perks of your employee benefits offerings will help ensure employees have a positive experience. Discovery Analytics™ offers a number of charts to give you a better understanding of your employees’ questions and needs. After identifying those questions, you can search our Discovery Answers™ knowledgebase within LEAP™ or look on our blog for information on a specific topic and share it with your employees.
How many employees participate in our plans?
HSA and FSA participation is expected to keep growing, as more and more employees take advantage of the tax savings available with these plans. Are you seeing increases in participation in the plans you offer?
Discovery Analytics™ provides an Enrollment Trends chart that shows you participation stats in each of your plans for the last three years, letting you react if you’re seeing a drop in participation. For example, if fewer employees enrolled in your HSA in 2019, share “The Benefits of an HSA” video with them and remind them of its savings and investment potential.
How much is my average employee’s election?
Your employees save on a variety of expenses when they participate in pre-tax benefits plans. Their knowledge of these plans may have an impact on how much they’re willing to contribute. That’s why it’s important to collect data to show how much your employees are contributing.
Discovery Analytics™ offers the Average Participation Election and Total Participation Election charts to give you insight into employee contributions and elections. The Average Participation Election chart shows how much, on average, your employees elect for each of your benefits plans. And the Total Participation Election chart shows you what the total elections are across all of your employees. Both charts reveal if your employees are showing increased hesitation with any of your plans, and can help you identify if there’s more education and communication to do around your plan offerings based on the numbers you see.
Watch our LEAP™ overview video to learn more about the suite of essential built-in apps available through the platform.