Choosing the right broker can be a daunting task. While all benefits brokers have access to the same carriers and rates, there are value-added services that a skilled benefits broker will also provide; usually at little, or no additional cost. It’s important to take the time to find the right benefits broker for your company’s needs.
To get the most out of your broker partnership, ask yourself these 6 important questions:
1.) Are you up-to-date on the latest health care reform regulations, receive guidance and the latest developments?
Compliance concerns continue to increase for businesses. Between ERISA and payroll taxes, maintaining compliance is becoming more difficult and frustrating for companies. Here, a benefits broker can become the compliance officer for its clients.
2.) Do you have support during your open enrollment that includes educational materials, meetings, and other communications?
There is a lot that can go wrong during open enrollment periods and things can get hectic, especially in the coming years as health care reform and political turmoil spiral. Benefit brokers are there to help guide you through the process to make as seamless as possible.
3.) Who do you call when you’re faced with a complex question from a former employee about COBRA coverage?
Sure, you can try calling the U.S. Labor Department or the Internal Revenue Service office, but the most effective way to handle their questions, would be to consider calling upon insurance brokers. These skilled and certified professionals will eliminate the painful task of navigating COBRA coverage for existing and former employees.
4.) Do you know how other companies of your size and demographics are providing benefits to their employees so that you can remain competitive?
In many cases, employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid fines imposed by health care reform. The Patient Protection and Affordable Care Act requires employers with 50 or more full-time employees to offer adequate health coverage or be subject to assessment if their employees receive premium tax credits to purchase their own insurance.
5.) Are you aware of voluntary and workplace benefits that you can offer without adding significant cost on your end?
Be strategic about cost saving voluntary benefits. Voluntary benefits have long been a relatively simple and inexpensive way to expand the benefits a company can offer employees. With out-of-pocket medical costs growing into the tens of thousands of dollars, voluntary benefits can extend this type of financial protection to health care.
6.) How do you educate employees about how to make the most out of their benefits and do you have an online platform to access?
Education, especially when it comes to ones’ health is especially important. By explaining and guiding your employees on the different benefit plans offered, it can help them appreciate having access to coverage in the first place. But to really help employees feel comfortable with their benefit plans, we strongly suggest providing ongoing and consistent education throughout the year.
The above is only a sliver of the value-added services your benefits broker should offer. If your current broker isn’t providing all the above, feel free to reach out to us. We’re a full-service brokerage firm offering insurance, technology, and compliance solutions for all facets of your business
Ask us how you can spend less time on the broadening workload of benefits enrollment, payroll, & compliance and more time on growing your business. Contact us today, or learn more about CorpStrat® HR and CorpStrat® Payroll.
