June is here and before we know it the busy fall season will be upon us. But, as we try to savor the summer months, remember you can still make changes now ahead of annual Open Enrollment. P&A Group, a Third Party Administrator or TPA, welcomes clients all year round – even if you’re in the middle of your plan year. While they can more complex, a mid-year plan takeover doesn’t have to be if handled correctly.
Here’s a common situation we hear about from employers and brokers:
The Issue: Bad Service
A company is experiencing service issues with their current Flexible Spending Account (FSA) vendor. Calls are going unreturned and participant complaints to HR are increasing – so much so that HR already knows the company will probably move their FSA plan to a different provider. Too much has gone wrong for damage control to work; the FSA provider is unresponsive and HR feels like they’re just a number. Every time HR calls the vendor they’re connected to a different person who has no familiarity with their plan. Because of this, HR has to spend more time re-explaining their situation. But, it’s only June and their FSA plan renews 1/1, so HR is resigned to dealing with this provider for another 6+ months. They’re hoping they can make a change by 2020. The idea of being stuck with this headache for an extra year is unimaginable.
Choose Something Different
Sound familiar? The good news is you don’t have to be stuck in a bad situation where service is routinely comprised and participants are unhappy. You can take control and leave your provider.
The Solution: Mid-Year Plan Takeovers with P&A Group
P&A Group accommodates mid-year takeovers with ease. As a TPA in business for over 40 years, P&A Group knows how to handle the most complex situations.
First, get in touch with one of P&A Group’s benefit consultants who will listen to you and help create an effective game plan to switch your vendor. Timelines will be discussed and you’ll decide when the transition will take place. During this time, you’ll work out all the details of the transition, such as deciding when the cut-off date to submit claims to your old provider will be.
Once logistics are finalized, P&A Group’s marketing team will create a customized communication piece for your FSA participants. Marketing will highlight important dates and any other important info, so participants will be informed of any changes. Communication is key to a successful transition, and making sure your employees have a seamless experience is a top priority of ours.
The Conclusion: Make
the Switch
While you may not like the thought of leaving a provider mid-year, making the plunge and changing providers before the busy season approaches may be one of the best preparatory decisions you can make. If you’re dreading a transition – don’t. Doing it sooner means changing vendors during a typically less-busy time, allowing yourself to focus on the transition without feeling burdened to rush into a decision. Plus, making a switch mid-year gives you more time to get to focus on other to-dos once Open Enrollment arrives.
Pro Tip: Spring and summer is a great time to evaluate your employee benefit providers and create a blueprint for any changes you want to make before year’s end.