Employee Benefit Administration
Profit Advantage will administer the group insurance plans for the employees of your company. Once or benefit experts have worked with you to determine which benefit programs to offer the employees and what the company’s contribution will be toward these plans, the remaining administrative work is handled by Profit Advantage.
What We Do
- Contract negotiations with the various insurance carriers.
- Track waiting periods for new hires and enroll them when they become eligible.
- Process all employee payroll deductions for benefits plans.
- Audit insurance bills on a monthly basis.
- Submit premium payments to carriers.
- Administer state continuance for companies with less than 20 employees.
- Provide access to enhanced benefit programs including: Health Insurance, Dental Insurance, Short-Term Disability Insurance, Cancer Insurance, Term Life Insurance, and a complete Section 125 “Cafeteria” program.
- Provide complete benefit packets which explain benefit options to all eligible employees.
- Complete COBRA administration for companies with 20 or more employees.
- Answer all ongoing employee questions regarding claims, COBRA, network coverage and eligibility.
- Review benefit programs, on an annual basis, including obtaining competitive bids from other insurance carriers
- Manage Section 125 Program (Including Form 5500 Filing): employee premium contributions deducted, “Pre-Tax” and "Out-of-Pocket" medical expenses deducted “Pre-Tax” daycare and dependent care expenses deducted.