9 Reasons Why a Good Benefits Broker Is More Crucial Than Ever
Wednesday June 3rd, 2015
Estimated time to read: 1 minute, 45 seconds
Most good employers want to provide a strong benefit package, and they want to do it in a way that complies with legal requirements. But the increasingly complex nature of benefits – especially since the implementation of the Affordable Care Act (ACA) – is making that more difficult. Even an employer trying hard to do everything right can still face severe penalties because it’s so complicated to understand what’s required.
This is where the assistance of a broker can be more crucial than ever. An experienced, knowledgeable broker makes it a priority to keep on top of changes in the law and in the nature of regulations – as well as trends in the industry and strategies to help employers get the greatest value out of their benefit packages while minimizing costs as much as possible.
There is also a good deal of technology now available to help employers with benefit strategies, and this includes some useful tools. But the best value comes when employers deploy technology in tandem with a seasoned broker who not only knows the ins and outs of the industry – but also can help in many cases to get the greatest value out of the technology.
Brokers work with multiple insurance carriers, and can help connect employers with various funding options, plans and rates – often making it easy by creating side-by-side comparisons that help employers recognize the best available option. At the same time, brokers can often help employers identify ancillary benefits that can enhance overall packages and help with employee retention.
As a valued advisor, your broker should meet with you at midyear to evaluate your program. Issues to be considered during such a review might include possible revisions, plan designs and new methods for communicating any changes to staff.
So when it comes right down to it, why do you really need a broker? Here are nine compelling reasons:
- A broker is trained to understand your business successes, challenges and culture – and uses that understanding to help you make the best decisions.
- A broker can help you to review your operational methods and goals.
- A broker knows how to examine your processes to ensure compliance with applicable laws.
- A broker can help you evaluate solutions so your plan design is competitive and affordable to attract and retain top employees.
- A broker is trained to conduct a deep review of your benefits offering, and to provide options from several carriers with differing plan designs so you make informed decisions.
- A broker will assist in making policies and procedures to manage the benefits program.
- A broker can help with open enrollment, employee meetings and compliance issues.
- A broker can provide regular communications to review your offerings, advise on changes and determine any issues.
- A broker can help show you how to outsource benefits administration for COBRA, fringe benefits and HR.
And of course, your broker should know how to bring technology into the picture – particularly in the area of human capital management, which can help you to manage the various aspects of your workforce, including benefits enrollment and administration.
A broker who operates like this can be a vital and valuable part of your company’s success.
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