You realize you must do something to contain these healthcare costs that seem to spiral ever upward. At the same time, employees are expecting more from their healthcare benefits. And in this tight labor market, you must listen to those needs.
The provision of healthcare is certainly complicated, especially during these times. So, what to do? Well, it’s a good idea to have experts on hand who can work with you to align your organizational objectives with your employees’ needs and come up with customized solutions that provide long-term value.
Benefit brokers fit that description. These experts are aware of and can access all the employee benefit options out there. They know which vendors provide them, and at what cost. A benefits broker can help you weed through all the offerings.
What Do Employee Benefits Brokers Provide?
Each broker is different, but they all should at least offer:
- Insurance selection help. These are indeed experts, so they’ll be able to help you pick out the right health, life, disability, dental, and vision coverage.
- Help with compliance. You must stay on top of this, and it’s almost impossible to do so alone. Compliance with laws such as the ACA and ERISA and other relevant regulations requires regular monitoring.
- Cost-reduction help. You’ll get advice about minimizing overall health spends, such as a drop in total premiums.
- Negotiations with providers. Let your broker work with providers to get you the best value at the best prices.
- Solutions to problems. Issues with claims and benefits administration will inevitably arise, and the broker can help you solve them.
- An evaluation of your existing benefits program. The broker will assess your current situation and let you know what modifications should be made and how much can be saved by so doing.
- Employee help. There will be questions about coverage, benefits, or claims. The broker will assist.
- Employee education. During open enrollment, your broker will apprise employees of their choices and make sure they understand them.
Brokerage Plus Advice
Having a benefit broker who can, year-round, advise you and help you put together sustainable, consistent, high-value programs is the best scenario. Ideally, your broker will not only be able to see the big picture but can help you assess nascent as well as inveterate offerings.
What you need is someone who can develop and manage:
- The best combination of benefits plans, technology, and support. The goal is savings as well as benefits that help with recruitment and retention.
- Value over the long haul. Through expert negotiations, the best brokers will get you the best prices, solutions, and service.
- Benefit alignment with organizational goals. Value and benefit quality go hand in hand.
- The long view of regulatory and financial risks. The best brokers will not only help you with regulatory compliance but will assess your company’s health-related risks.
- International ranks. If your workforce is global, a top-notch broker will advise you on health and benefits management in that area, too. Also add to the mix health benefits for the mobile workers that are so prevalent today.
Now that you know the value an employee benefits broker, you can commence to putting one in place to help you pick and choose from all the available options and come up with plans that provide quality as well as value. After all, good productivity requires a healthy workforce, and you also need to be able to attract and recruit top talent. A superior broker – Mercer comes to mind – will help you with that, with an eye on your bottom line.