Finding the right health benefits broker can be a tiresome undertaking. Not only do you want to work with a broker that will help keep benefits costs at a minimum, you also want to avoid sacrificing offerings that may aid in both employee recruitment and retention. As an employer, your employee benefits budget is often one of the largest operational expenses. For this reason, it is crucial that you know exactly what you will receive when you partner with a health benefits broker and how to find the best one.
Fortunately, there are brokers out there who care as much about both your business and your employees as you do. Let’s explore tips on how to find them, as well as some general questions that most people have when it comes to health benefits brokers.
Before we dive any deeper, it’s important to understand the difference between health benefits brokers and agents. These terms are often used interchangeably, but they are very different professions. Generally speaking, health benefits brokers will offer you insurance from multiple insurers. The advantage to this is that they can help you determine which insurance company is fits the unique needs of your business best. Brokers will either charge a flat fee to the companies they work with or be paid based on commission for the policies they sell.
Health benefits agents, on the other hand, usually work for a single insurance carrier and essentially serve as a hybrid of sales and customer service. This means that an agent will only sell the insurance plans of the company that employ them. While it may seem like a no-brainer to work with a broker, the advantage to using an agent is that they are often able to lower costs and make changes easier since they work with just one insurance company instead of several.
If you’ve ever tried to do the research and secure insurance for either your employees or for yourself, you know how complicated it can be. The role of a health benefits broker is to cut through all the nonsense and not only explain the process in terms that you understand, but also help you find the ideal solution for your insurance needs.
Your health benefits broker will outline all of your options in order to determine what group healthcare plan is best suited to your needs and budget. They offer their exceptional knowledge, convenient access to support, and provide recommendations that are customized to you. While it is certainly possible to go at it alone, brokers offer peace of mind knowing that your employer-sponsored or individual plan has the essential coverage at a great price.
If you are an employer, you technically do not need a broker in order to offer health benefits to your employees. However, it is highly recommended that employers partner with one. Benefits are incredibly complicated, requiring a strong attention to detail, vast knowledge of the industry, compliance proficiency, and substantial time commitment. Plus, if you are the only HR representative at your company, you know exactly how impossible a task like this seems.
When you partner with a health benefits broker, you actually partner with a team of experienced individuals. They will help you choose the best packages for your organization and then be with you every step of the way – during open enrollment, billing, and issue resolution.
Before you even begin the process of finding the ideal health benefits broker, you must understand your needs. For instance, do you need any specialized services, like language translations? By knowing exactly what you need, it’ll be much easier to find the broker that can provide it for you.
Once you begin your search, you want to find a broker that has a well-established reputation. One of the greatest ways to find a quality benefits broker is to ask around for referrals. Speak with other business owners who have companies similar to yours and ask them who they use. Or, if you have no luck in that department, you can always do some online research via the Better Business Bureau and even Yelp.
Consider the following additional tips when it comes to choosing the best health benefits broker to partner with:
Once you’ve narrowed down your prospective brokers to just a few, you want to ask them a bunch of questions in order to understand what they can offer you. To ensure that your broker is the right fit for your organization, consider the following questions:
Whether you’re an employer looking to create the perfect benefits package for your employees or you’re looking for individual health insurance, Taylor Benefits Insurance Agency can help. If it’s a “health benefits broker” that you need, don’t hesitate. Contact us now to get the process started!
We’re ready to help! Call today: 800-903-6066