Employee benefits are the fruitful method that is helping many business entities in order to retain top performers for your company. To gain a better understanding, employee benefits are part of the compensation that is paid along with salary to the employees. However, these benefits programs are of two types. Basically, employers are offering these plans as a voluntary part and sometimes they are necessary according to the state or federal law. It has been observed that these plans are necessary for the employee’s lives because they are contributing welfare to their families and health.
On the other side of the spectrum, if your workforce is content and satisfied with the overall atmosphere, including salary and flexibility they will perform in a more agile way and will also dedicate themselves to your company. It is evident that we are moving along with the technology whether it is about managing your place through the HRIS software or automating the complete organizational workflow, technology is helping us in every way.
Make sure to read- Why Benefits Plans Are More Important Than Salary?
As we are talking about employee benefits, there is another crucial term that is attached to it. Yes, we are talking about employee benefits brokers. In the benefits landscape, brokers are already in the fanfare for a long time. Many business owners are looking to hire benefits brokers to attain overall business success, but they are still skeptical about the procedure, what to do and how to start.
If you are still using benefits plans make sure to understand the factors that could impact your benefits programs. Well, let us tell you that this is the right place as we are going to help you with the most specific questions that you must ask the benefits broker. Before jumping on these questions, are you aware of the term benefit brokers?
If not, let’s shed some light on this term first, as this is the most basic part that you must know before proceeding ahead. Before diving deeper into this article, let’s understand a bit about them.
Who Are Employee Benefits Brokers?
What you think when you hear the word “Broker”, don’t forget to leave your reply in the below comment section. Back to the point. employee benefit brokers are the individuals who are helping the business owners and other relevant people about their advisory in terms of health insurance, retirement benefits, 401 (k), and other plans that are supporting employee’s welfare in both personal and professional ways
Apart from this, benefits brokers also help employees understand which plan will suit their requirements through the benefits administration software for brokers. Additionally, these brokers are classified into two major categories: those tied with one specific benefit plan and can’t help you further with any other benefits plans because of less knowledge. The other brokers are aware to work independently with the business owners and offer the best package according to the employee’s affordability.
Brokers will not dabble with the process just as investment analysts. In a nutshell, your benefits broker will help you in regular insight into the employee benefits programs.
As you have reached so far, let’s get into the core of questions that you must ask from benefits brokers before hiring them.
Question 1. What Services Should You Accept From Brokers?
It is really vital to acknowledge the scope of services that your benefits broker can help you out with. Make sure to list down your organization’s needs and later you can discuss them further with the broker. This will help you to consider the well-benefits plans that can help your employees. You can also ask them about the employee benefits administration software.
Question 2. How Have You Assisted New Clients To Educate Themselves On Benefits?
Human resources are not responsible for informing employees about the benefits plans. Here, you can ask brokers how they can help in educating your employees with the benefits programs. They can offer various channels such as newsletters, on-site Q&As, webinars, and another interactive way to assist the workforce with better plan options.
Question 3. What Methods Are They Using To Control “Healthcare Cost”
From this question, you can determine how well the broker has the professionalism in terms of offering advice and managing other crucial strategies that will work for more upcoming years. There are various reasons that are causing the rising healthcare costs one of them is lifestyle changes. Hence, your broker will help you with using clear data analytics. Through these reports, you can understand the benchmarks of your company or other premium falls that the market is doing. Apart from this, they can also make clear communication with the negotiation strategies with the carriers to offer the best rate and other alternatives options that can uplift your benefits.
Question 4. How Well You Have Resolved The Most Critical Benefits-Related Challenge?
Whenever an employee falls or met with a severe accident they can use the benefits plans to help them. Hence, it is really important that the offered benefits are easy to access and executed properly. You can ask the potential broker to share their experience that they have dealt with critical situations. However, in any mishap with the employees, brokers can act as a middle man between healthcare professionals, plan sponsors to manage the situations in order to help the employee. You can use their response and can get a clear understanding of how well they can help your workforce in a time of need.
Question 5. How Can You Plan the Renewal Process?
The renewal process starts prior to the date and it is evident that you want your broker to work proactively with your system for a year around. You can ask the potential questions related to the renewal process from the broker along with any challenges they have faced earlier during the renewal. This situation will give you plenty of time to review and accumulate the data to make the right decision. Make sure your broker is aware of the better negotiation strategist against the renewal rate. Apart from this brokers should also be able to suggest products that are beneficial and appealing to your workforce.
Some other vital questions that you can ask are below:
- How much support they can offer to your human resource department?
- What about the dedicated account manager, do they have someone in their department?
- What are the ways through which they can stay in compliance?
- Do they have strong industry experience or references?
It is important to understand your company’s requirements before hiring a broker. It is because you will acknowledge the pain points and can share your expectations with them in order to get fulfilled. We have shared the top five questions along with basic ones to have clear and better insights with the benefits broker.