Choosing a health insurance broker can be a daunting task, with so many insurers, brokers, along with a plethora of policies to choose from, picking the right broker for your employee benefits program is easier said than done.
Before choosing a broker, it is important to understand exactly what a health insurance broker does. A great broker works in the best interest of their clients to help them navigate the complex world of employee benefits. This includes identifying the client’s needs, finding the right policies, and comparing them against the client’s requirement, presenting them a range of policies that best match their needs, and providing expert advice throughout the entire process.
Network with Other Employee Benefits Professionals
Choosing the right broker could mean the difference between having an effective plan that works for all your employees at a reasonable cost without paying too much for too little. Word of mouth is always the best form of advertising and none more true when it comes to choosing the right broker. By networking with other employee benefits professionals, you can gain insight into who you can trust and who you cant.
Start by asking your friends and business associates who they use as a broker and how satisfied they are with their performance in providing employee benefits. Then ask a select group of brokers you are comfortable with for a list of 5-7 clients they have worked with over the past 3-5 years so you can speak with them directly about their experiences. Don’t be afraid to ask lots of questions, the right broker will be happy to comply.
Keep in mind it is vital to compare brokers servicing a similar size business as yours preferably in the same industry with similar demographics. There is no point comparing a broker who specializes in smaller group business if you need a broker with experience in delivering employee benefits to large group businesses.
Compare the Employee Experience for Online Benefits Portals
Having the right employee benefits on paper means nothing if employees don’t understand the nuances of the plans, where to enroll, how to enroll, and how to choose the right plan for them. Ensuring you will be using the right portal that makes it easy for employees to engage with that increase the likelihood of enrolling in benefits. This is just as vital as choosing the right broker because if employees find it difficult to understand their options and are encumbered with a portal that is hard to navigate, this only leads to employee frustration and dissatisfaction.
Therefore, alongside choosing the right broker, it is essential to compare the employee experience of using online benefit portals. As part of your due diligence in choosing a broker, if possible speak to employees that have used their choice of online portals to assess their levels of satisfaction. Alternatively, arrange for vendors to demonstrate how they use online portals to increase the take-up of benefits and engage fully with their packages.
Review Training Materials and Communication Schedules
When it comes to health benefits, communication is everything. When faced with making a decision about what benefit is right for them, employees can easily become overwhelmed with all the options and struggle with what is in front of them. Before choosing a broker, put some time into assessing their training material and communication schedules. It’s imperative that this material is targeted in such a way it makes it’s easy for employees to understand and enroll in an option that best suits their individual needs while at the same time keeping the client’s best interests at heart.
Rest assured your due diligence will pay off and you will end up with a broker you can not only trust, but you will also want to continue to do business with them in the future. To learn more about how to how to find a broker you can trust, download the 5 Strategies to Bring Clarity to Employee Benefits PDF. Or call the experts at Eureka Insurance Solutions at 916-742-7842 to discuss your individual needs.
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