Benefits Administration Software Overview
What is Benefits Administration Software?
Benefits Administration Software is used to automate the process of managing employee benefits and eligibility, including medical insurance, pension & retirement, and leave. This type of software also includes healthcare brokerages or marketplaces for use by employers and healthcare analytics platforms for decision optimization.
Benefits Administration Software Features & Capabilities
Benefits Record Management
Online Benefits Enrollment
Third-Party Carrier Integration
Total Compensation Statements
Employee Self-Service Benefits Portal
Affordable Care Act reporting
Mobile Benefits Access
Integrations / APIs
Sometimes, benefits enrollment systems are sold as part of a larger HR software suite, and pricing for the benefits administration component is rolled into the overall price. But for standalone products, there are different pricing models.
Two of the most common are a monthly flat fee, or a flat fee minimum plus a per employee, per month license. The latter is dependent on the number of employees in the system which may act as a brake on adoption. Under this scenario, common pricing is a flat fee of $30 to $200 or more, depending on capabilities, plus a per employee price of $10 to $20.