How to Become a Benefits Analyst
Step 1: Understand the job description and responsibilities of a Benefits Analyst
What does a Benefits Analyst do?
A Benefits Analyst researches, analyzes, evaluates, and administers corporate benefit plans and programs. Monitors benefit trends in the business environment and must stay abreast of applicable benefits legislation. Being a Benefits Analyst assists in determining impact of new policies or provisions. May require a bachelor's degree. Additionally, Benefits Analyst typically reports to a manager. The Benefits Analyst works on projects/matters of limited complexity in a support role. Work is closely managed. To be a Benefits Analyst typically requires 0-2 years of related experience.
This person provides expertise in many areas, including group health and dental insurance, disability insurance, retirement plans, health and flexible savings accounts, paid time off and all government policies related to employee benefits.
The benefits analyst explains the plan features to employees and helps them enroll properly.
The analyst will examine the utilization of the plan and work with the insurance carrier to find ways to help the employees utilize their plan more efficiently.
Another duty of the benefits analyst is to help employees who have claims against their disability policy.
Benefits analysts also track and monitor employees’ paid time off.
Step 2: Learn best tips to become a Benefits Analyst
Best tips for those who want to become a Benefits Analyst
Here are some tips to become a Benefits Analyst.
Bachelor degree in discipline related to functional work or role OR demonstrated ability to meet the job requirements through a comparable number of years of applicable work experience.
Must be able to organize/prioritize existing resources and incorporate new information, as needed, to implement the most effective solutions.
Requires excellent communication skills, both verbal and written.
Examples of Benefits analyst career objectives.
Wriring tips for Benefits analyst career goals.
Step 3: View best colleges and universities for Benefits Analyst
Best colleges and universities for Benefits Analyst
- Butler University
- Carroll College
- Cooper Union
- High Point University
- Princeton University
- Providence College
Step 4: Think about whether is it worth to be a Benefits Analyst
Is being a Benefits Analyst Worth it?
When you start a new job, a benefits analyst gives you an overview of the benefits you're eligible for and explains the different choices you have to make.
A benefits analyst helps you fill out the proper forms and tells you about the deadlines for turning in your paperwork.
You usually have to pay a portion of the cost of some benefits, such as health insurance.
If you have problems with a claim, a benefits analyst often helps you resolve the issue.
It's nice to know that one of a benefits analyst's responsibilities is to keep your information confidential, because they often learn private things about you and what's happening in your life.
Step 5: Prepare relevant skills for being a Benefits Analyst
What skills do you need to be a Benefits Analyst?
This is not a management position, but still requires important skills in order to fully execute the role. A keen understanding of the following is necessary for the role: Benefit Provider Negotiations, Benefits Program Administration, Benefits Program Compliance Filings, COBRA ACA Reporting, Employee Data Management, Health & Welfare Benefits, Open Enrollment Administration, Retirement Benefits, Vendor Management, Work Life Programs, Industry Analysis. Some of the more basic skills utilized in this role include: Benefits Administration Software. These skills are certainly important to the role, but keep in mind, fit into a company culture and environment is often just as important.
Reporting Skills, Analyzing Information , Presentation Skills, Verbal Communication, Compensation and Wage Structure, Benefits Administration, Quality Management, Confidentiality, Developing Standards, Retaining Employees, Orienting Employees.
If they are confused about these benefits, benefits analysts, along with human resources professionals, help them better understand the specifics.
Benefits analysts aim to better understand the needs of employees before helping their employer choose the right benefits options.
Insurance knowledge – benefits analysts must have a deep understanding of the insurance industry and its core concepts.
Understanding of basic math – successful analysts need to know how to add, subtract, divide, and multiply.
Step 6: View average salary for Benefits Analyst
How much does a Benefits Analyst make?
The average salary range for a Benefits Analyst is from $56,792 to $69,595. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Benefits Analyst jobs
Step 7: Find relevant Benefits Analyst jobs, and apply.
Looking for Benefits Analyst jobs?
Here are some Benefits Analyst jobs in the United States.