Your employee benefits broker should be an excellent resource for your business. When they always have the right resources available, they can help smooth the process throughout the year. Your employee benefits broker spends all their time researching various benefit options and how they impact businesses, so they are likely to have the tools and tips available that will answer any questions you receive from your employees. Whether you need problem resolution or help with claims and benefits analysis, here are the services that your benefits broker should provide for your business.
1. Overview of Options and Recommendation
Your benefits broker should be able to easily articulate the various benefits options that are available for your business, as well as make a recommendation based on their knowledge of your organization and employees. This recommendation could be based on past utilization, size of your business, average age of employees and many other factors.
2. Evaluation Tools
There are various evaluation tools and assessments that will help guide you through the important benefits decision each year. Your employee benefits broker is the ideal person to provide you and your leadership team with the tips and tools that you need to make a solid business decision on behalf of your organization and employees.
3. Compliance Monitoring
Your broker should be well-versed on the various compliance monitoring requirements. These could include state, local and federal laws and regulations as they relate to healthcare benefits plans. This detailed information can change as new laws are passed, making it crucial to stay up-to-date on compliance monitoring or risk some heavy fines. Between the Affordable Care Act (ACA), Employee Retirement Income Security (ERISA) and more, there are a lot of potential pitfalls in compliance monitoring.
4. Problem Resolution
Your broker should be a go-to supporter for your human resources department if you’re having challenges with the administration of benefits or claims resolutions. They may also be available to help employees directly understand their coverage, benefits or answer more complex questions about their options for particular family situations. Detailed or complicated claims can linger on for many months, causing stress and frustration all around. Your broker may be able to step in and help negotiate on your behalf.
5. Claims and Benefits Analysis
A thorough review and analysis of the claims and benefits that your organization has used in the recent past can help you make better decisions about your future. Your employee benefits broker sees a lot of different organizations and benefits structures, and is well-suited to help make recommendations that will save you — and your employees — a significant amount of money. The cost of insurance and other benefits continues to rise, while the benefits that are offered may be reduced. Your benefits broker helps you understand which insurance options will help maintain wellness while balancing the budget.
Working with an employee benefits broker should help your organization save money, reduce the overall frustration level for employees throughout the year, and make annual enrollment a breeze. Coordinating the benefits for your employees shouldn’t feel like a burden on your human resources department.
When you are looking for a proactive, insightful employee benefits broker, contact the professionals at Innovative Broker Services today at 916-932-2864. We offer a range of free resources that you can download immediately, such as our complimentary PDF, “A 10-Step Checklist to Help Make Your New Employee’s First Week Great”.