When looking at the domain of small business health insurance, there are many active players like agents, brokers, carrier reps, and group health insurance providers, so what exactly does the employee benefits broker have to offer? As most would suggest, the answer to this question would be to provide insurance quotes and help decide which health provider to choose. In reality, the situation is a lot more complex. Still, a comprehensive solution can be achieved if the employee benefits broker, apart from just quoting insurance, also offers these ten vital components.
Negotiating prices
The group health insurance provider needs to negotiate your group’s price negotiation on your behalf. Apart from these negotiations, an unbiased comparison of the different insurer coverages also lies. Sadly, with so much happening in the health reforms, the insurance industry is witnessing a surge in the group health insurance expenses at every renewal. The employee benefits broker’s responsible for searching for the best rates and insurance coverage.
Provide access to more carriers
One of the ways to minimize the costs is by searching for options that reduce the overall premiums by combining various types of insurance as bundle offers. The employee benefits broker should offer you access to a wider range of insurance carriers, not just group health insurance.
Value addition with HR resources and software tools
Always look for a benefits broker that provides access to HR resources and tools to smooth the process. Resources such as emails, posters, articles, and handbooks will make communicating with employees much more effortless. Simple HR software also makes employee data management less time-consuming. Not all benefit brokers provide this service, so it’s crucial to ask for it when choosing a group health insurance and wellness broker.
Offers free benefits counseling and enrollment
Your group health insurance broker should never charge enrollment and benefits counseling. Consultation services should come free as they are covered under the commission the broker receives from individual insurance carriers.
Claims assistance
Claim processing is complicated in some instances. Knowing whether your benefits broker will stand by your side when the time comes is essential. An attentive and alert employee benefits broker will help handle the claims and questions frequently and reasonably.
One-on-one enrollment implementation
It is part of the broker’s responsibility to provide one-on-one enrollment services and benefits consultation to the employees in the organization. Every individual’s specific needs must be addressed to ensure that the group health insurance plan and other insurances meet the requirements of the employees.
Access to wellness plans and benefits
Access to wellness plans is an excellent opportunity to cut down on overall health insurance rates. As such, the broker should provide for it. A multi-year wellness strategy implementation can vastly influence employee health and engage them in positive behavioral changes.
Compliance support & maintenance
Benefits and wellness compliance are complete with accreditation- ERISA, ACA, etc. The employee benefits broker should assist in keeping and maintaining records and their timely submission. A vigilant broker can help avoid legal hassles arising from late submissions.
Licensed Medicare agents
With time and age, the employees become eligible for Medicare when nearing retirement. Special licensing is needed to address specific individual health needs. This is significant as quoting for small group health insurance age is a determining factor on the rates.
Dedicated point of contact
Lastly, the benefits broker should assign a dedicated point of contact to meet all the requirements on time. Your benefits should be the employee benefits broker’s top priority.
So irrespective of a group health insurance or wellness plan, choose a broker that offers all the added benefits.
