Jul 06, 2020 Admin

Employee Benefits

5 Key Questions That Employers Must Ask Potential Employee Benefits Brokers

Let’s start by answering a simple question - “How much time do you spend on selecting your outfit?” The average answer will be half an hour and to state the facts, women spend almost a year while men spend four months of their respective lives to pick what to wear. Now, what is the average time that you take to choose an employee benefits broker for your company? Not even 15 minutes. Yes, you heard it right. This is the time that you spare to hire someone who will be making decisions for your best interests. 

From increasing employee retention to boost workplace productivity to influence employee turnover and whatnot, your insurance program has a huge impact on your organization and employees working there. Moreover, it is one of the top business expenses, consuming almost 30% of your compensation cost. With so much at stake, you must hire a trusted benefits broker who will be responsible for all of this. You need to have someone on board who can build attractive packages for your staff members and meet your objectives at an economical cost.

But how to find an employee benefits broker who is reliable and can be trusted with such prominent matters? Well, here are a few questions that you can ask the potential employee insurance brokers to evaluate their knowledge, experience, and eligibility as per your business requirements and the answers you should be looking for. Have a read:

Quest 1: Do you have any effective method for controlling healthcare costs?

As we already said, employee benefits administration demand huge investments from their employers. Although you want to provide your staff with the best plans without compromising on any aspect, it won’t hurt anyone to find the methods to control the cost. Also, this question will help you analyze the knowledge and intelligence of your broker.

A skilled professional will come up with the most effective ideas to create a scheme that works in the long run and adapts with the changes. The experienced employee benefits brokers use benchmarking and data analytics to show where your premium falls as compared to other companies in your industry. They will also get you the best rates by negotiating with insurance carriers and recommend the options to fund the benefits program. 

Ques 2: How did you manage your most critical challenge related to the benefits plan? 

The primary aim of every employee benefits plan is to protect them and make them feel secure in unexpected situations. The schemes are tailor-made to suit their personal interests and offer them maximum benefits while they are sick or face a severe accident. However, when the time arises to actually avail those plans, the challenge is to execute them smoothly and easily. This is where brokers step in by playing a perfect middleman between doctors, sponsors, and employees.

Therefore, it is essential that you know their past experiences and how they dealt with the most challenging scenarios. Their answer will make it easy for you to evaluate how the benefits broker will assist your office members at the time of need. 


Ques 3: How do you plan to keep us updated on legislative and compliance changes?

Here is one significant question to find out how much faith you can put in your benefits brokerage service. There are constant updates that employers need to know and this job is done by none other than brokers. They are connected with their clients regularly via emails and messages to give them all the latest information and news related to attorney services, online libraries, HR consulting, and other legislative changes.

They will also be responsible for telling you where the news is coming from, are they putting these newsletters together themselves or have a third-party team of ERISA to work on the updates. Remember that an authentic and credible insurance broker can play a key role in keeping you in compliance with regulations. 

Ques 4: What online health benefits administration capabilities do you offer?

The manual way of keeping records and administering the benefits programs, demand a lot of time and energy. No wonder why employers and brokers are shifting toward online tools and incorporating new employee benefit software systems into their schemes. Needless to say, evaluating the right platform can be a strenuous task for you hence, discussing the same with potential brokers is the ideal way to go.

They can help you with a smooth online transition which is more convenient than seeking the solution on your own. Furthermore, you can deal with your benefits plan strategically and also have access to online tools to tackle the challenges. So, make sure that you hire a professional employee health insurance broker who can integrate your system into the benefits plan.

Ques 5: Can you provide me with some reliable references?

Of course, every insurance broker will claim to be the best but you need to know if they are suitable for your company or not. The most convenient way to do so is by asking for their references. The genuine and reliable ones will not hesitate to give the list of clients they have worked previously with.

Ask those previous employers about their experiences and align them with the answers provided by the brokers. In case they don’t, read it as a warning. Also, consider the industries and clients they have served because it is better to hire a broker who has worked with a similar business as yours. 

You simply search for Employee Insurance Broker on Google and you will get a myriad of results in front of you. Amidst so many options, finding the most trusted and credible one can be challenging. It is impossible to analyze their performance by just looking at their names and website. This is where these questions will come in handy for you. Considering their answers, you can recruit an expert who is perfect for your business and create a plan that is ideal for your employees.

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