How do I find a group benefits broker?

Posted by Emily Kubis on Wed, Jun 27, 2018 @ 06:06


Planning to offer group benefits?

If you are planning to offer group benefits to your organization, the first step is to evaluate and select a group benefits broker to help design and implement a cost-effective, valuable benefits strategy.

But what do group benefits brokers actually do, and how do you find one?

There are many different strategies for providing health, dental, vision, and other ancillary benefits to your employees. There are multiple funding methods, types of coverage, and numerous ways to structure these plans. Group benefits brokers are experienced in the spectrum these strategies, and work with employers to develop the best strategy for the business and their employees.

Brokers are regulated by state insurance departments, and typically, brokers work with groups at no cost to the employer. Brokers are typically paid commissions by insurance companies, but they do not work directly for the insurance companies.

That said, employers should ask potential brokers what efforts they take to ensure the quality of their advice is not negatively affected by commissions.

Benefits brokerages also typically help employers manage their employees’ benefits throughout the year. As employees have life changes and new insurance needs, client support teams will assist in maintaining coverage and helping employees navigate the healthcare system.

So how do you find a broker?

As easy way to start is by conducting a Google search for benefit brokers in your area. Next, ask for recommendations among peer employers. You can also reach out to your local Chamber of Commerce or another business network organization for recommendations.

Another tip is to download and read “10 Questions to Ask Your Health Benefits Broker,” a quick guide on comparing benefit brokers. Questions include: 

1. How are you paid?
2. What efforts do you take to ensure the quality of your advice is not negatively affected by commissions?
3. What advice and support can you offer related to transitioning away from a group plan entirely.
4. What online health benefit administration capabilities do you offer?
5. What is your track record related to HSA-based health plans?
6. What specialty HSA services do you offer?
7. How will you help Medicare-eligible employees analyze their options?
8. How will you help me manage risk related to my COBRA-eligibles?
9. What is your annual benefits renewal and negotiation process?
10. What is your #1 advantage in the marketplace to gain the trust of new employer clients?

More: How Bernard Health helps employers control their healthcare costs

Want to learn more about Bernard Health helps employers develop sustainable, cost-effective benefits strategies? Click below to schedule a consultation.

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Topics: group plan, group benefits, small group market, offer health insurance, brokers

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employer healthcare freedom
employer healthcare freedom