Managing unemployment insurance claims is a part of running your business, but that doesn’t mean your team has the time. The UI process isn’t a ‘one and done’ situation, meaning frequent follow-up and monitoring are required to keep your costs down.
Knowing your team is tied up, what other options do you have? Fortunately, you don’t have the settle for base-level UI claims management. The option of using a TPA, or third-party administration, comes with many benefits for your company. Here are five to consider.
1. Use resources more wisely
When someone’s time is split between their actual role and handling UI claims, productivity can be decreased, affecting your company’s effectiveness and bottom line. By working with a TPA, you and your employees are free to do their jobs at full capacity.
2. Work with deadlines
Missing one deadline when it comes to unemployment benefits can have costly consequences. When hearing information comes in for an employee, and you miss it, you might end up paying UI to someone who technically doesn’t qualify. A TPA can keep up with these dates to make sure you never miss a hearing or notice.
3. Monitor claims
Unemployment insurance claims can’t be placed in the back of your mind after they’re rewarded; former employees are required to submit proof of their unemployment and looking for work weekly to ensure they still qualify. Plus, just missing a claim coming in can mean overpayment. When you partner with a TPA, they can handle the constant monitoring required to make sure you’re only paying for benefits that qualify.
4. A better understanding of laws
The laws that dictate tax rates and how UI works changes, which means you can miss vital information if you don’t stay up to date with what’s happening. TPAs that specialize in unemployment insurance know these laws inside and out and monitor the updates, so they always know what’s going on and can advise you based on changes.
5. Lower UI costs
Ultimately working with a TPA means you’ll experience a higher level of control of your UI costs. Contrary to popular belief, elements of this aren’t out of your control. Through better monitoring of claims, you can ultimately lower how much you’re paying into the insurance fund and how much you’re paying out to claimants.
Find the solution for all your unemployment insurance challenges
When you need help handling your UI claims, trust Unemployment Tracker. We’re the TPA with everything you need to maximize your business, from UI claim tracking software to full-service claims management. Request a live demo today to see how Unemployment Tracker can work for you!