As competition for talent intensifies, employers are looking for new ways to attract and retain talent. Healthcare benefits have become a very powerful tool for that purpose. In fact, a Willis Towers Watson survey shows that 46 percent of employees say that health benefits were an important factor in deciding to work for their employer, and 55 percent consider the benefits a good reason to keep working for their employer.
Of course, figuring out the right benefits package for your company is easier said than done. Most companies could use some assistance—and that’s where a good benefits broker comes in. An expert who can help you choose a plan that’s right for your company can be an enormous benefit for your businesses… if chosen wisely.
A good broker will offer more than just bidding out your group’s business at renewal time. Your broker relationship should be about more than just enrolling members and quoting rates. The best brokers are trusted advisors that bring value year-round. They act as your trusted advisor, helping you to provide for your employees in a way that helps to grow the business.
If you want a benefits broker who will make your employees love you, here’s what to look for.
A broker dedicated to your employees. A great broker will know your employees’ needs and how they’re using the benefit plan. Your employees should also know who the broker is and how to contact them. They should provide documentation, plan summaries, and conduct informational sessions to help employees understand their coverage.
A broker that provides guidance throughout the year. If you or an employee come across a problem with the carrier or have any questions, your first point of contact should be your broker. Additionally, you should connect frequently. Whether it’s via phone, email, or in-person you should contact your broker or service representative at least four times a year.
A broker that has a good reputation in the industry. An experienced and knowledgeable broker will have referrals, references, licenses, and registrations.
A broker that has your best interest in mind. They should talk to you about alternative coverage options and other cost-saving measures, in order to help make sure the plans you have are what’s best for your company. A good broker will produce a proposal that lays out quotes and compares a variety of options, showing coverage differences as well as the differences in rates.
A broker that is a great communicator. A good broker will reach out to you throughout the year, instead of just at renewal. Frequent communication will prevent any surprises at renewal time.
