A benefits strategy that works just for your business will give you a competitive edge in your niche. Yet far too many companies underestimate the true worth of a carefully designed benefits plan.
In their defense, creating an effective benefits plan is easier said than done. There are various vendors to choose from, each with their own policy and premiums. Businesses, especially startups already have too much on their plate as it is than shopping around for the right insurance companies or figuring out state laws.
This is where a benefits broker comes in. Choose carefully because your broker will be managing a sizable budget, and even a small change can create a massive difference in terms of cost.
Maximize All Your Options
As a general rule, the more options you have to compare, the better your buying decision. Your challenge is to find a benefits broker that specializes in businesses of your size, in your location, who is familiar with your specific needs, and can address your goals and objectives. We recommend reviewing at least 3 to 4 benefits brokers to see if they align with your company policy and vision.
For starters, JS Benefits Group works with companies of all sizes in the Mid-Atlantic region, that includes Pennsylvania, Delaware, the District of Columbia, and Maryland. Bonus points if the broker happens to have specific expertise in areas such as wellness, benefits, compliance, HR support, and more.
Ask for an RFP (Request for Proposal)
All companies should present a Request for Proposal and written questions as part of the hiring process. This gives employers an idea of what they are looking for and requires the candidates to document in writing the services that they offer. It is worth noting that the RFP should be only used as a supporting tool.
In fact, it isn’t uncommon for brokers to not reply to RFPs or simple questionnaires because in most cases, it’s never as simple as answering a basic questionnaire. Your RFP should explain the following:
- What your business is all about
- Why you need a new broker
- Contact details so that prospective benefits brokers can reach you for further questions
The RFP suppers the benefits hiring process and includes other communication tools such as emails, phone calls, and meetings at your preferred location.
What is their Employer Service Model?
What services can the broker provide to your company or HR department in your effort to create an effective employee benefits program? Not all brokers offer the same level of services, some will offer a comprehensive level of employee support while others will offer just a few. Make sure to get into the specifics of the service that they offer.
For example, will the broker offer support to employees when it’s time to main claims? Are there other advisory services?
What is the Extent of their Health Plan?
As most of you will already know, the health industry in the US is a little tumultuous at the moment, with each insurance carrier offering hugely fluctuating premium levels. It takes a skilled broker to find the ideal solution for your company. An experienced broker will use analytical tools, innovative consultative approaches, and new products to give you a competitive advantage.
We hope the above guide gives you a glimpse of what goes into hiring a benefits broker. If you need further assistance in creating an effective benefits plan, get in touch with our experts at JS Benefits Group.
