Benefits Analyst Salary
A Benefits Analyst earns an average salary of $54,479 per year. Most people move on to other jobs if they have more than 20 years' experience in this career.
Job Description for Benefits Analyst
A benefits analyst works closely with members of particular benefit plans, such as insurance plans and pension plans. They interact with members either in person, through e-mail, or via the telephone, helping them understand current coverage and potential future needs. Most of their time is spent reading benefit coverages and putting together plans of action for members, including explaining the details to those beneficiaries. Most benefit packages are regulated by state and federal law; a benefits analyst must stay current on applicable law and compliance regulations, as well as be able to explain these laws as needed to beneficiaries. They may also be required to contribute to new plan ideas, maintain databases of existing plans, and monitor release of benefits. Developing ideas and relaying data sets, client information, and cost effectiveness to senior personnel is important as well. These professionals typically work full time in an office environment during business hours, although schedules may vary depending on the needs of the business.Read More...
Typically, a benefits analyst has experience working in human resources. In most cases a bachelor's degree is required. Analytic skills and the ability to condense large pieces of information is important. Attention to detail, understanding of applicable laws, and strong ethical conduct are necessary in this role. The ability to communicate in person, through phone, and through email with clients and other employees is essential. Proficiency with basic computer programs is needed as well.
Benefits Analyst Tasks
- Participate in cross-departmental budget review for benefit plans.
- Formulate solutions to solve needs regarding benefits.
- Provide ongoing analysis on trends, legislative changes and best practices within the benefits field.
- Ensure benefit plans are administered according to plan provisions and company's regulatory guidelines.
- Work with insurance carriers to resolve issues regarding eligibility and claims.
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