You’ve decided to consider employee benefits for your organization, or maybe you’ve got a plan and are looking for a second opinion. Here are 3 tips that will help you make an informed decision, and avoid frustration along the way.
Select one broker.
Contacting multiple agents for quotes and opinions doesn’t always help. It can actually create more confusion than it’s worth. It can be difficult to compare quotes from multiple agents because it is likely that there will be differences in the packages that they propose.
Did you know? Each insurance company will only release 1 quote for your company, regardless of how many agents approach them on your behalf.
Do your homework and choose the broker you want to work with first. You may want to screen your broker candidates by asking a few questions about them and their business. Questions like…
Which insurance companies do your represent?
Do you specialize in employee benefits?
What can I expect in terms of service once the plan goes into place?
If you get a “deer in the headlights” look in response to any of these questions, you’ve got the wrong guy! The right broker will be able to survey the market for you and show you a comparison of a full range of options, helping you make an informed decision and saving you time.
Choosing a plan based on price alone is a mistake.
In fact, the cheapest plan is often be the plan most likely to increase in cost at renewal time. Not to mention that it may be missing key coverage components. Let’s face it, you don’t want to be changing providers every year. The administration of changing providers is time consuming and cumbersome. Recently the employee benefits industry has taken steps to safe guard against companies chasing the lowest price year after year, jumping from one provider to the next. Select a plan that offers the coverage you want at a cost that is sustainable. Any qualified broker can help you make these informed decisions.
Extended Healthcare and Dental benefits are just the tip of the ice berg.
Many of us immediately think of Prescription Drugs, Massage Therapy, Eye Glasses, or Dental expenses when the employee benefits conversation arises. The reality is, there are a number of additional options for you to choose from that can add a tremendous amount of value to your employee benefits package.
These options include:
- Life Insurance
- Short Term / Long Term Disability Benefits
- Critical Illness Insurance
- Employee Assistance Programs (EAPs)
- Wellness Programs
- Healthcare Spending Accounts
These add-ons can drastically improve the perceived value of your plan in the eyes of your key people. In the case of EAPs and Wellness Programs, they can actually save your company money in lost productivity by helping employees cope with difficult situations, and promoting healthy lifestyles within your workplace.
An employee benefits program is an important part of your compensation package, and can go a long way to helping you keep and attract the people that are key to the success of your organization. Working with the right broker, you’ll be able to design a sustainable plan that fits your needs, and avoid a lot of headaches along the way!