Healthcare costs are rising. You know that; they have been for some time, with no end in sight. But ignoring the issue certainly won’t help and will likely cause you worse problems. It’s time to get on top of it, particularly in this tight labor market, when what you offer in your benefits package could mean the difference between landing top talent and losing out to the competition. You also want to retain the talent you do have. But healthcare is complicated. You need experts who can work with you and go over your objectives and employee needs and risk and provide tailored solutions that offer long-term value. Benefits brokers fill the bill. Keep reading for more about why you need an employee benefits broker for your organization.
Just What are Employee Benefits Brokers?
These are experts who know about and can access the myriad of employee benefit options available and who can help whittle down offerings. They know which vendors provide certain benefits, and how such benefits are priced.
How Does an Employee Benefits Broker Work?
This person or team is tasked with analyzing each organization’s unique situation then surveying the market to garner the best and most suitable coverage for that particular client.
How Can an Employee Benefits Broker Specifically Help?
It depends on the benefit broker, but you can generally expect that each one will provide:
- Help in selecting insurance. This means health, life, disability, vision, dental, etc. It’s best to leave this to experts.
- Compliance info. Let the experts help to keep you in compliance with laws such as the Affordable Care Act, the Employee Retirement Income Security Act and any other pertinent regulations. You don’t want to get caught up here.
- Help with cost reduction. A broker will advise you on how to minimize overall costs. This can mean, for example, a reduction in total premiums.
- Work with benefit providers. A benefit broker will negotiate with providers to get the best deals possible for your organization.
- Help with problems. You’re going to have issues, likely with claims or benefits administration, and it’s the broker’s job to help smooth them over.
- ■ An examination of your current benefits program. Your broker will analyze your existing situation, including claims and the quality of your digital employee experience and advise you on what changes should be made and how much in savings those changes will likely produce.
- Advice on modifications to your benefits package. Such recommendations will be based on the makeup of your workforce, as well as previous utilization rates.
- Assist employees. The broker can answer questions about benefits or coverage and can also assist with claims.
- Education for employees. Part of a benefits broker’s responsibility during open enrollment is to educate employees about their options and make certain that they understand what they’re signing on for.
Now that you know why you need an employee benefits broker, you can go about getting a team in place that can help you navigate available offerings and put together a package that not only provides value but that promotes a healthy workforce. After all, thriving employees are more productive, and increased productivity leads to better organizational performance. And as we’ve discussed, such a broker can go a long way toward helping you to recruit and retain talent, which is so important in the current labor force dynamic. We suggest that you check out Mercer, which has been the nation’s number one employee benefits broker for four straight years. It has the expertise and deep knowledge you need.