Top 15 Benefits Administration Software in 2023
GoCo’s all-encompassing HR platform provides a wide array of benefits administration options and a user-friendly benefits platform. With GoCo’s benefits administration solution, you can automate benefits enrollment, benefit plans, and benefits management.
Why Your Business Needs Employee Benefits Administration Software
Every business process can be streamlined by automating it to save costs, make it more efficient, and quicker. An automated benefits administration system allows business owners to focus on growing their business and building valuable relationships. Meanwhile, benefits management systems, such as GoCo, develop benefits packages, benefits programs, and complete benefits plans while making sure they stay compliant with laws like the Affordable Care Act (ACA Compliance). This is especially useful for small businesses that are looking to streamline their enrollment process and their core HR practices. There are lots of HR software in the market today and it can be hard to choose any one software solution. Hence, we’ve compiled a list of the top benefits management software for you. Each management solution has its unique selling point, you have to figure out which software works best for your company, processes, and employees.
Check out our extensive list below:
15 Best Benefits Administration Software in 2023
Website: Visit GoCo
G2 Rating: 4.7 (202)
GoCo is a consolidated HR solution that offers a complete HR suite including benefits administration, onboarding, performance management, talent management, and payroll services. The HR platform is designed to be versatile yet user-friendly. It’s fully configurable, customizable, and has several value-adding features, like open enrollment, self-service portals, applicant tracking, time tracking, and PTO management.
GoCo lets you completely automate the benefits enrollment process - all you have to do is enter the benefits your company can provide. For example, you can add health insurance, life insurance, and other perks and set parameters to ensure the right employees receive the right benefits packages. GoCo also gives employees the freedom of self-service benefits enrollment, and allows them to contrast eligible plans and costs at-a-glance.
You also have the option for benefits syncing (with payroll and insurance carriers), benefits compliance, and have access to certified benefit advisors. The employee self-service portal lets employees check the availability and status of the benefits they have. You can manage all kinds of benefits like health plans, disability, HSA, FSA, HRA, 401k, commuter benefits, and more in a single spot.
You can schedule a free demo with GoCo at any time to try out their benefits administration software.
Website: Visit Zenefits
Zenefits is designed to cater to startups, small, and medium-sized businesses. It is a complete HRIS system, which means its services go beyond benefits administration. With additional services like payroll and other HR solutions, it centralizes all benefits-related processes.
While it may be overwhelming for new businesses at times, and though the mobile app doesn’t support all admin tasks, it still provides a very comprehensive plan-building and benefits administration platform. It’s optimized for good user experience and it also stores employee data so that you have detailed employee records.
Furthermore, while the admin app may not be as supportive, the employee mobile app is extremely responsive and all-encompassing. Last but not least, Zenefits provides thorough business intelligence reporting for better decision-making.
Website: Visit Rippling
Rippling is a user-friendly HR management system with complete benefits administration and onboarding functionality. It’s designed for small and medium-sized businesses and also provides additional payroll functionality (which is optional).
The native mobile app of Rippling does not support benefits, which may be discouraging for users who are always on-the-go. However, if you use Rippling as your broker, you get free benefits administration. Rippling is often considered the ultimate software for HR departments due to its intuitive user interface, helpful tool-related tips, and custom reporting.
The software allows for quick setup of employees and also offers COBRA management. The features and customizability make it a great option for businesses with up to 500 employees.
Website: Visit Gusto
Gusto is one of the most widely known human resources solutions for small businesses in the United States. With a complete benefits management suite, you also get full-service payroll, workers comp, 24/7 support, and employee self-service portals.
With 3 different price packages, the company provides a solution to different-sized small businesses. Gusto also allows for third-party software integration (especially with accounting software) so you can centralize your data. It provides lifetime employee access to W2s and paystubs and has a dedicated mobile app for all devices.
However, you can’t talk to customer support in the evening or over the weekend, which limits the processes of companies that operate on unorthodox schedules. Furthermore, it only allows for health benefits in 22 states. Despite that, the automatic enrollment process and employee lifecycle tracking make it a worthwhile investment.
Website: Visit BambooHR
BambooHR is a complete HRIS system that has one of the best benefit tracking tools in the industry. Built for small businesses, the software lets you track benefit plans across 12 different benefit types for different employee groups.
It also lets you track all historical information (such as cost, coverage, and enrollment) and has a dedicated option to track ACA compliance. The benefit-tracking tools are available on the mobile app, as well, which is available for all devices. Furthermore, there are no long-term contracts involved, and you get a 7-day free trial to see whether the software works for your company or not.
However, it has limited features as there is no attendance and time tracking option and there are extra fees for additional features, like performance management tools.
Website: Visit Namely
Namely is a complete HR software with a dedicated benefits software plugin that’s designed for small businesses with at least 50 employees. Along with benefits administration, it also provides performance management, onboarding, payroll, and time-tracking features.
The software lets you provide a wide range of benefits including all sorts of insurance, 401k plans, FSA and HSA accounts, wellness programs, and more. It can be integrated with other third-party software and is fully customizable and configurable. It also has a mobile app for all devices.
However, there is no free trial or demo that lets you check the software out beforehand, and it’s not feasible for companies with less than 50 employees. To make up for that, the company provides access to their online community of more than 1,000 HR leaders that can help you set up and maintain your benefits administration processes.
Website: Visit ClearCompany
ClearCompany is primarily a talent management software for small business owners that helps you ensure your employee engagement stays high. However, it also offers a complete HR suite with benefits administration, recruiting and onboarding, performance management, and real-time applicant tracking.
It’s designed for small businesses that have at least 100 employees. The employee self-service portal lets employees enroll and manage their benefits fully while also letting them make the necessary changes to their data. It provides a complete set of employee benefits and has a full library of resources to help employees and admins alike through white papers, webinars, and videos. It also has access to over 160 million talent profiles.
However, you need to have a minimum of 100 employees, which means the price is relatively high for small-business owners. Furthermore, the lack of a demo or free trial makes it hard for employers to opt for the software. However, it’s one of the few software that provides a complete talent management suite.
Website: Visit ADP
ADP’s Workforce Now is a complete HCM solution for companies with 50 or more employees. The fully integrated software provides complete benefits administration, talent management, payroll, and HR analytics services. The software automates most admin tasks so your HR system can be run with minimal effort.
The software provides several self-service tools along with a dedicated mobile app that lets employees access their timecards, paychecks, benefits enrollment, W2s, and more. Automatic syncing reduces the amount of manual data entry, while automated alerts help weed out any errors. Additionally, over 2,500 experts monitor regulatory changes to ensure you’re always compliant.
The benefits administration dashboard clearly showcases eligibility requirements, ACA compliance, and lets you manage your benefits budget.
Website: Visit BerniePortal
BerniePortal is an HR platform built for small to medium-sized businesses. Along with benefits administration, it simplifies onboarding tasks and helps set up stock options.
The software is very easy to set up and figure out and has all the features any small or medium-sized business would need. However, it does have some functional limitations and its subgroup organization can be all over the place.
The software is bought as a single-user license so it’s a one-time investment. However, the price itself is decided by over 200 independent brokers, which can be a little complex. All in all, with most HR features, it still proves to be a good option for HR generalists.
Website: Visit Criterion
Criterion is an HCM solution for mid-sized and large businesses and is very technical and code-heavy. The software provides a complete set of services including benefits administration, learning management, and payroll services.
It has native mobile apps for both the admins and employees, and the employees have a clean and user-friendly interface. The reasonably priced software is, however, unable to upload any relevant documents, and there’s a lack of support for the benefits info and employer view in the mobile app.
Furthermore, adding benefit plans may be hard since it involves adding complex plan codes. This may be discouraging for a lot of employers. However, once you get the hang of the formulas and code, it’s fairly easy-to-use.
Website: Visit PlanSource
PlanSource is a dedicated cloud-based benefits administration software with a complete HCM solution. The benefits administration platform is completely configurable and customizable so that several benefits programs can be supported, benefit models can be created, and contributions can be well-defined.
The software also provides talent management, workforce management, and payroll services. According to the company, they only stock benefit products from leading insurance companies and aim to bridge the gap between said insurance companies and consumers.
The company also provides custom communication for employees, COBRA program administration, and intuitive benefits shopping, billing, enrollment, compliance, and administration.
Website: Visit PeopleKeep
PeopleKeep is a benefits administration-only software for small businesses where employees can effectively buy their own benefit plans.
The software has a very intuitive and user-friendly interface and built-in receipt upload capabilities. It also provides a lot of options for linking health plans and other benefits with the platform. However, there is no native mobile app, so you can only use the software on computers. Furthermore, it lacks the complete functionality of comprehensive benefits plans.
While this software may not be feasible for companies with a lot of employees, it works best for small businesses with 25 employees or less.
Website: Visit Selerix
BenSelect by Selerix is a web-based benefits administration solution that helps employers, carriers, and brokers track employees’ employment statuses, eligibility, payroll, and other trackers.
It’s a complete benefits administration platform that lets you search for, manage, enroll, and administer benefits. The cloud-based software provides live online training, documents, and webinars to help clients get accustomed to the software.
The software provides access to most employee benefits and has a dedicated self-service portal for employees. You can also develop and access a complete employee database. Other features include ACA reporting, automatic beneficiary updates, and third-party software integration.
Website: Visit Lumity
Lumity is a data-driven and customizable benefits administration software that combines the power of data insights and technology. It uses online and people data to find and display health plans and other benefits that work best for both the employers and the employees.
The employee self-service portal lets employees choose the best healthcare plan according to their needs. From there, the admin can provide the claims data to the finance and HR teams for official approval.
The software provides complete benefits record management and third-party carrier integration. It also allows for enrollment planning, regulatory compliance, and access management. Lumity has a dedicated mobile app available for all devices that provides the same level of accessibility that’s found on the web portal.
Choosing Benefits Administration Software for Effective Workforce Management
Manual benefits administration used to take a lot of time, effort, and resources that could be used elsewhere. That is why a lot of SaaS companies today provide HR and benefit administration services.
Automating the multiple redundant tasks involved in shopping for benefits, enrolling them, handling the billing, ensuring compliance, as well as, their administration and management saves costs, time, and makes HR processes more efficient.
Any company that hasn’t moved on to a benefits administration software will lag behind their competitors. If you haven’t already, you should choose a benefits administration software that works best for your company.
It may seem like an additional cost right now, but down the road, it will reap exponential benefits. With HR management capabilities like applicant tracking and performance management, you can effectively streamline your entire HR process to the point where everything can be tracked and management with the click of a button.
What to Consider When Choosing the Right HCM Benefits Administration Software
Since there are countless companies offering an HCM solution and benefits administration software, it can be hard to decide on just one. To make it easier to decide, there are a few things you should consider. If you’ve already opted for a benefits administration software, you can still check if your current provider ticks all the boxes.
Here are the things you should consider before making a final decision.
- Review your finances and annual and monthly budgets to check how much you can spend on an HCM or benefits administration software.
- Consider your company’s size and what features you need and can automate.
- Consider the number of employees you currently have and will have in the upcoming year.
- If you have already invested in other software, consider the integration capabilities of the new software you’re about to invest in.
- Check what additional features you need or will need in the future and check which software can provide it all for you.
- Check whether the software takes care of compliance regulations including the Affordable Care Act (ACA) and the Consolidated Omnibus Budget Reconciliation Act (COBRA).
- List down all the benefits you want to provide to your employees. Then crosscheck your list with the benefits provided by each software to check which software provides the closest set of benefits you want.
Keeping these points in mind, you can decide which benefits administration software would work best for your business. Alternatively, if you want an easy solution, you can always opt for GoCo’s full HR suite that not only provides modern benefits administration services, but also provides full-service payroll, onboarding, time tracking, and PTO, e-signature, and other HR services. The benefits administration platform lets you automate all benefit-related processes including shopping, enrollment, billing, and management. To schedule a free demo, click the button below.