Should I change my group benefits broker?
Three questions to ask your broker before open enrollment
Many employer groups renew their group benefits plan during the fourth quarter. If you’re wondering whether your current plan is the right fit for your organization, you may also be wondering if your benefits broker is providing the best advice.
These three questions can help you determine if your current broker, as well as any other broker you may be considering, is the right advisor for your organization. Asking these questions now, well in advance of your renewal, will give you plenty of time to make that determination.
If you’re wondering if your current advisor is the right fit, ask these three questions:
What can you tell me about alternate funding strategies?
Healthcare costs keep rising, and more and more employers are recognizing that the traditional, fully-insured benefits plan may not be providing enough value. Your broker should be able to explain and recommend a full continuum of funding strategies, including fully-insured plans, level-funded plans and self-funded plans.
How can you help my organization improve hiring?
With the unemployment rate as low as it's been in 50 years, most employers are struggling to hire. This is a pain point your broker should be able to help solve - benefits are typically offered as part of recruitment and retention efforts. Ask how your broker would recommend making your benefits package more competitive with applicants.
What solutions do you provide for HR challenges?
Many brokers, including Bernard Health, provide benefits and HR technology to clients in order to streamline the full scope of administrative challenges. From applicant tracking and onboarding to benefits enrollment and time-tracking, look for a broker who can provide a solution for small business challenges beyond benefits.
To learn more about how we can help your business, click below to request a consultation with a Bernard Health advisor.
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