Selection Tips

April 13, 2006

	Visited: 130
	Not rated
	Rate:

Finding just the right administrator for your employee benefits should not be something you rush into. When you're trying to pick an administrator, keep the following in mind:

Although you have the option of switching administrators every year, switching can be costly and disruptive; therefore, you should take great care in making your choice, and you should assume that your relationship will be continuing.
Administration is becoming increasingly paperless (or at least that's the goal); you should be comfortable with your administrator's level of technology, sophistication, and commitment to keeping up with future trends.
If you seek bids on your coverage, you should state clearly what your plan design will be and what your administrative needs will be; otherwise, you may end up with extra costs you didn't anticipate.
If you expect your administrator to be able to guarantee certain performance standards (for example, to pay claims within x number of days), you should incorporate those in your request for a bid.