WHAT DOES A BENEFITS ANALYST DO?

The Benefits Analyst is responsible for creating and analyzing data related to various health and ancillary benefit plans, ensuring accuracy and compliance with all relevant contracts and laws. This responsibility involves evaluating and recommending improvements for the administration and operation of benefit plans, ensuring efficiency and adherence to federal and state regulations. Additionally, the analyst also generates quotes for new businesses, assists with the marketing of additional benefits products to existing clients, and conducts audits to maintain thorough documentation.

A Review of Professional Skills and Functions for Benefits Analyst

1. Benefits Analyst Duties

  • Benefits Interpretation: Provide the interpretation of benefits to resolve coverage issues
  • Internal Liaison: Serves as the main point of contact for internal groups including HR, Payroll, and Finance for benefits questions and reporting
  • Data Audit: Perform ongoing audits of benefits data to ensure the accuracy of data within the payroll systems and benefits vendors
  • Deductions Analysis: Analyze and reconcile biweekly benefits deductions and reports to ensure accuracy of benefits deductions
  • Eligibility Management: Respond to benefits eligibility file errors and direct responsible parties to correct errors working with third-party vendors
  • Invoice Administration: Administer all vendor invoicing including reconciliation of monthly benefits invoices, tracking of payments, and creation of purchase orders with the Finance team
  • Funding Administration: Administer annual and monthly employer HSA funding
  • Data Update: Update demographic and payroll data with benefits vendors
  • Administrative Support: Provides clerical administrative or backup support in other areas of Finance.

2. Benefits Analyst Details

  • Benefits Expertise: Acts as a Benefits Subject Matter Expert (SME) on all service processes and deliverables.
  • Employee Support: Supports the Global Benefits Team and helps address escalated employee issues.
  • Benefits Administration: Administers the full range of benefit responsibilities in an accurate and compliant manner.
  • Employee Engagement: Engages with and supports employees during the onboarding and offboarding processes.
  • Audit Assistance: Assists with yearly audits, including monitoring and tracking benefit costs and projections.
  • Compliance Oversight: Oversees all compliance and reporting activities to ensure proper maintenance of business account records.
  • Regulatory Adherence: Adheres to provincial and local regulatory laws and reporting, complying with benefit requirements.
  • Strategic Assistance: Assists the Global Benefits Team with department strategy and execution of new processes and related efficiencies.
  • Information Communication: Provides funding information and communication of retirements and company press releases.
  • Document Management: Files and maintains employee benefits documents and other benefits-related confidential information.

3. Benefits Analyst Responsibilities

  • Benefit Support: Supporting the various benefit plans Visa offers to employees.
  • Liaison Role: Acting as Company representative for the Lima/Wapakoneta Retiree Group.
  • Issue Resolution: Resolving escalated employee issues, including Shared Service support.
  • Operational Support: Providing accurate and timely operational support, including data reconciliation and auditing of payroll, benefit administration, etc.
  • Process Improvement: Identifying ways to continuously improve and document operational processes including the activities listed above.
  • Testing and Analysis: Testing, analysis, and general support for Open Enrollment, new-year and year-end payroll processing, etc.
  • Collaboration: Collaborating with the HR Shared Services team, equipping them to respond to employee inquiries.
  • Compliance Management: Ensuring all health and wellness programs and activities comply with related federal and state rules and regulations.
  • Relationship Building: Building and maintaining successful relationships with benefits vendors and internal partners.

4. Benefits Analyst Job Summary

  • Plan Administration: Assists with the development and administration of health and welfare plans.
  • Benefits Comparison: Assists in the evaluation and comparison of existing company benefits to industry benchmarks.
  • Legislation Analysis: Assists in determining the impact of new legislation, policies, or provisions.
  • Cost Analysis: Prepares cost analysis of employee health and welfare benefits.
  • Benefits Calculation: Calculates annual benefit premiums, employee contributions, and benefits budget by plan by location.
  • Data Integrity Assurance: Ensures data integrity between carriers and the HRIS system.
  • Payment Coordination: Prepares ACH files for carrier payments and reconciles carrier billing.
  • COBRA Administration: Coordinates and administers the COBRA program for assigned facilities.
  • COBRA Notification Distribution: Distributes the COBRA initial notice and notice of COBRA eligibility.
  • COBRA Eligibility: Maintains accurate benefit eligibility for COBRA participants with Third Party Administrator.
  • COBRA Enrollment: Coordinates annual open enrollment process for COBRA participants.

5. Benefits Analyst Accountabilities

  • Enrollment Processing: Process benefit enrollment for new hires in assigned facilities, qualified life events, and recalls.
  • Document Distribution: Distribute appropriate documents and Summary Plan Descriptions to eligible employees.
  • Enrollment Monitoring: Monitor and maintain enrollment in the HRIS system and notify benefit providers.
  • Benefit Coordination: Monitor and coordinate benefit processes through third-party administrators and within the HRIS system.
  • Disability Plan: Coordinate employee enrollment and claims processing for disability plans.
  • Claims Approval: Approve claims and verify the disability needs with medical personnel to contain costs and return employees to full or light-duty.
  • FMLA Administration: Coordinates the administration of the Family Medical Leave Act (FMLA) policy.
  • Insurance Plan: Coordinate company-provided and voluntary insurance plans by assuring timely enrollment.
  • Beneficiary Maintenance: Maintain beneficiary information, providing accurate and timely claims processing.
  • Billing Process: Processes billing for ancillary lines and other benefits vendors.
  • Orientation Delivery: Deliver new hire benefits orientation for assigned facilities.
  • Benefits Presentation: Present benefits plans and eligibility requirements for employees.

6. Benefits Analyst Functions

  • Benefits Support: Provides benefits and related support for a particular employee group, region, or area.
  • Program Development: Performs the full scope of activities associated with the development and administration of competitive and legally compliant benefits programs.
  • Liaison Work: Acts as liaison between the Benefits Team, other TMS departments, supported Team Leaders, Team Members, and outside providers.
  • Benefits Advisory: Advises Team Leaders and Team Members on eligibility for benefits, coverage, claims procedures, etc.
  • Event Management: Manages key benefits and enrollment events, and provides support for the Benefits Vote.
  • Counseling: Counsels Team Leaders and Team Members and resolves sensitive benefits-related questions and problems.
  • Data Analysis: Gather, synthesize, and analyze benefits-related participant coverage, usage, and related information.
  • Strategic Recommendations: Makes recommendations to leadership about benefits trends, patterns, concerns, and potential improvements.
  • Coordination: Works with benefits service providers to ensure consistent and timely application of services.
  • Vendor Review: Makes recommendations and executes annual review of benefits vendors.

7. Benefits Analyst Job Description

  • Decision Support: Identify areas of concern, and support organizational decision-making.
  • Legal Assistance: Assist in legal review and filings for health and wellness plans.
  • Paperwork Assistance: Assist with the completion of required enrollment paperwork.
  • Program Development: Develop and administer Team Members’ wellness programs and act as health fair liaison between region and vendors.
  • Program Administration: Administer the Team Members’ health incentives program and coordinate Team Members’ communications with appropriate teams, vendors, and regions.
  • Financial Analysis: Provide wellness financial analyses and program reports to facilitate understanding of program effectiveness.
  • Coordination: Coordinate biometric screenings and annual flu and vaccinations administered in assigned facilities.
  • Employee Support: Respond to employee questions, resolve claim processing issues, and counsel employees.
  • Leadership: Lead the Wellness Committee and coordinate events or communications to promote employee wellness.
  • HRIS Management: Responsible for setting up and maintaining benefits tables and open enrollment process in HRIS applicable software.
  • Legal Compliance: Assist with the completion of annual legal filings (5500, 1094c, and 1095c) and communications to employees.

8. Benefits Analyst Overview

  • Benefits Management: Manages Benefits programs to ensure the attraction and retention of critical talent and ASML’s ability to meet business needs.
  • LOA Oversight: Oversee the end-to-end process of Leave of Absence (LOA) for ASML.
  • LOA Support: Support HR Leaders, People Managers, and People Services on LOA.
  • FMLA Expertise: Utilizing the experience and understanding of FMLA, CFRA, PDL, FEHA, EEOC, ADA, and JAN.
  • LOA Facilitation: Facilitate LOA, Return to Work (RTW), job modifications, reasonable accommodations, and the interactive process.
  • Third-Party Coordination: Works closely with third-party leave administrator processing and tracking all LOA.
  • Claims Coordination: Ensures timely response to state agencies or third-party vendors regarding SDI, PFL, or LTD claims coordination.
  • Leave Policy: Tracks and advises employees and management on leave policies and procedures.
  • Leadership: Lead the annual enrollment processes for all groups (active employees, LOAs, COBRA, and Retirees).
  • Benefits Budget: Oversee benefit budget, maintain billing, manage all Benefits POs, reconcile vendor invoices.
  • Enrollment Validation: Validate enrollment between carriers and HR System, troubleshoot/correct discrepancies.
  • Benefits Communication: Works with internal communications to prepare benefit communication programs and develops training for client groups and HR.

9. Benefits Analyst Details and Accountabilities

  • Data Management: Reviews, maintains, corrects, adjusts, and monitors benefits data including benefits summaries in assigned areas of responsibility.
  • Policy Interpretation: Interprets and implements established policies and procedures, objectives, and regulations in the area of benefits.
  • Information Dissemination: Responds to requests for information regarding benefits programs, structures, eligibility, enrollment, procedures, policies, etc.
  • Enrollment Coordination: Conducts and coordinates benefits enrollment and disenrollment activities for new hire, transferring, regular, and terminating employees.
  • Record Keeping: Maintains records and collects documents related to enrollments.
  • Issue Resolution: Works with benefits/insurance carriers and others to address and resolve enrollment, coverage, and other benefits issues.
  • Problem Identification: Identifies problems in benefits policies and practices and makes recommendations.
  • Problem Resolution: Corrects problems arising from contacts with employees, managers, carriers, and others.
  • Event Management: Assists with the planning, promotion, execution, monitoring, and adjustment of the open enrollment process.

10. Benefits Analyst Tasks

  • Issue Resolution: Analyze and resolve employees’ issues surrounding medical/dental/vision plans, savings and spending accounts, and voluntary benefits.
  • LOA/Benefits Management: Assist with aspects of leave of absence, short-term and long-term disability as a point of contact for LOA/benefit-related questions.
  • Stakeholder Engagement: Work directly with managers, employees, and carriers to resolve issues.
  • ADA Compliance: Ensure compliance with the Americans with Disabilities Act and engage in an interactive process with employees.
  • Project Support: Provide operational and administrative support for special projects such as open enrollment, benefit events, and wellness programs.
  • Billing Management: Create and ensure the accuracy of monthly self-billing reports for health, basic life, basic AD&D, voluntary life, etc.
  • Invoice Reconciliation: Responsible for the reconciliation of all invoices and multi-site invoice allocations.
  • Procedure Development: Develop and update A/P (Benefits) desk-level procedures, support ACA issues.
  • Customer Service: Provide high levels of customer service and work as an A/P (Benefits) liaison with vendors and sites.
  • AP Support: Assist with Accounts Payable (Benefits) research and correct all site/vendor issues.

11. Benefits Analyst Roles

  • Data Analysis: Generate, prepare, and perform preliminary analysis of data for various health and ancillary and health benefit plans.
  • Data Mining: Mine data for quality and cleansing to ensure accurate compliance with all agreements and Carrier Contracts.
  • Contract Evaluation: Evaluate proposed employee benefits contracts by studying provisions, and estimate the impact.
  • Reporting Assistance: Assist department with reports and materials for payroll, transitions, mergers, acquisitions, and integrations.
  • Leadership: Take the lead on strategizing and implementing procedures and compliance with federal and state laws.
  • Program Evaluation: Evaluate program administration and the service delivery model.
  • Change Implementation: Recommend and implement changes to ensure effective and efficient administration and operation of all benefit plans.
  • Sales Support: Assist in the administration of cross/upselling of HUB’s benefits products to existing clients.
  • Quote Preparation: Prepare new business quotes and provide them to the producer for presentation.
  • Audit Conducting: Conduct account file audits to ensure all required documentation is properly stored and accessible.

12. Benefits Analyst Additional Details

  • Client Coordination: Operate as the lead point of contact for all matters specific to the assigned brokers.
  • Relationship Management: Build and maintain strong, long-lasting broker relationships and insurance carrier representatives.
  • Presentation: Ensure the timely and successful delivery of client presentations for potential clients as well as existing ones.
  • Data Collection: Collect data such as carrier reports, employee census, and information requested to send the group to market.
  • Quote Processing: Process new Requests to Quote by reviewing them for accuracy and submitting them to the respective insurance carrier.
  • Sales Coordination: Work together with the Advisor and Account Managers to finalize the new sales documents and manage new sales.
  • Document Verification: Verify all client documents, forward documents to the required insurance carrier.
  • Document Validation: Validate benefit booklets, contracts, and other pertinent insurer documentation once the plan is in force.
  • Document Management: Attach vital emails as well as documents into the Case Document Library for easy access in times of need for fellow employees.

13. Benefits Analyst Essential Functions

  • Client Partnership: Partnering with assigned Account Managers and Producers to service and retain the existing employee benefits book of business.
  • Client Reporting: Reviewing, processing, and preparing client reports for new business, renewals, updates, and marketing.
  • Marketing Execution: Conducting marketing, including preparing and submitting specifications to underwriters, answering underwriter questions, and reviewing.
  • Market Analysis: Providing analysis and recommendations on marketing responses, and preparing a marketing report.
  • Data Reporting: Preparing quarterly experience reports, including projections for renewals.
  • File Management: Maintaining and updating client files, including recording and completing activities in the broker management system.
  • Customer Support: Supporting customers in person or via telephone to assess and fulfill employee benefits requirements.
  • Claims Assistance: Assisting with complex claims and providing direction and administration of client benefits plans.
  • Compliance Management: Overseeing and directing the administration of COBRA compliance.
  • Research Support: Assisting with researching current benefit trends and regulatory/legislated requirements.

14. Benefits Analyst Role Purpose

  • Compliance Monitoring: Monitors eligibility and enrollment of plan participants and ensures compliance with both plan provisions and government regulations and requirements.
  • Guidance: Provides guidance and counsel to employees and managers on the requirements and provisions of benefit programs.
  • Issue Resolution: Assists with the resolution of issues and follow-up with enrollees for required documentation.
  • Data Management: Responsible for data necessary to complete government compliance activities, employee mailings, vendor billings.
  • Data Integrity: Assures processes and procedures are in place to capture and maintain consistent and accurate benefit-related data.
  • Data Auditing: Assists with employee data auditing and reporting, coordinating data collection and updating reports.
  • Data Analysis: Compiles, analyzes, and reports benefit data including employee, benefit plan, and financials for benefit's strategic planning and evaluation.
  • Material Design: Assists with the design and communications of annual benefit enrollment materials.
  • Stakeholder Engagement: Develops deep and productive relationships with business stakeholders and major vendors.
  • Process Development: Assists in the development of business processes, with the development and helps conduct a variety of presentations.
  • Communication: Informs and educates HRBPs, management, and employees about changes to benefit plans, administrative practices, and legislated requirements and programs.

15. Benefits Analyst General Responsibilities

  • Compliance Execution: Performs compliance and administration processes required to operate the Program.
  • Recommendation: Recommends and implements new procedures and HR Information System enhancements.
  • Presentation: Develops and conducts presentations and supporting communication materials.
  • Education: Educates supervisors and participants about changes to benefit plans and procedures.
  • Resource Provision: Serves as a cross-functional resource during the implementation of new Benefit Program vendors.
  • Vendor Support: Advises vendors of plan design setup, providing technical details to HRIS staff.
  • Collaboration: Collaborates with corporate communications staff on the development of informative materials.
  • Guidance: Provides consultative guidance and plan interpretation to participants on plan features within the Program.
  • Complaint Resolution: Works to resolve health and welfare plan complaints, concerns, and inquiries in a fair and empathetic manner.
  • Data Analysis: Determines data requirements, develops, compiles, analyzes and reports meaningful data and recommendations for strategic benefits planning and evaluation and best practices.
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