When it comes to the health benefits they provide their employees, companies have a lot of federal responsibilities and financial considerations to keep in mind. Searching for a policy that meets their needs can be challenging without the help of a knowledgeable professional. Insurance brokers provide the information business leaders require to make an informed decision regarding their coverage offerings. This is what organizations should look for when selecting the best health insurance broker:
Infrastructure
While brokers have a responsibility to help companies identify good insurance programs and implement those policies, their obligation shouldn't end there. Instead, these professionals need to be able to assist benefit leaders throughout the process, especially if problems arise with the coverage. Customers who are experiencing rising healthcare costs should be able to reach out to their broker for more cost-efficient solutions. When it comes to expenses tied to pharmaceutical drugs, for example, these professionals may recommend generic alternatives instead of having businesses pay for brand-name medications.
Brokers must constantly be monitoring their accounts and offering suggestions and alternatives that can help companies meet compliance requirements while also keeping their budget in check. This is only possible with the right infrastructure – that is, brokers have the necessary resources in place to ensure they have the time to devote specialized attention to each company. This infrastructural support is crucial, especially to employee happiness. According to a recent MetLife study hosted by Zywave, 84 percent of workers find knowledge from trusted enrollment representatives particularly helpful and effective. If insurance brokers in consideration don't provide it, companies should look elsewhere.
Access to new tools
Convenience is important to the millennial workforce in place today. According to the Pew Research Center, employees from this generation surpassed Baby Boomers as the largest group of people in the U.S. labor force as of 2015. As a result, benefits leaders have to keep their preferences in mind when deciding on health insurance offerings.
Companies need to find brokers that are willing to locate policies that provide top-of-the-line technology to their workers. Access to tools such as telemedicine resources can help younger employees or ones with families manage their healthcare finances while playing into their need for convenience. Businesses need a broker that is forward-thinking and willing to find solutions – both admin- and employee-facing – for a range of people and their specific needs.
"Triton Benefits & HR Solutions offers brokers that are well-versed in the industry."
Wellness programs
While it's nice to save money on health insurance policies, companies should use those provisions to invest in wellness-based options for employees – and brokers should help them do that. A recent Harvard Business Review survey found that 79 percent of those polled are satisfied with this additional offering, with one of the reasons for their happiness being that it shows their employer cares about them. On the other hand, 60 percent of people who didn't participate in the program cited lack of awareness and information for their failure to join in.
Employers should look for brokers who Not only assist companies in setting up these wellness programs, but who helps disseminate information and materials related to the specifics of the offerings. These professionals should be able to understand the type of workforce they're dealing with and make suggestions as such. For a younger group of employees, for example, incorporating wellness mobile applications or a points system for completion of wellness activities can encourage participation. Workers crave tailored benefits solutions, according to the MetLife study, a goal that brokers can help organizations fulfill.
Knowledge of the industry
There's a reason why companies hire health insurance brokers to help with their benefits offerings. Leaders expect these professionals to be well-versed in their craft and able to explain difficult concepts as well as foresee certain events due to industry trends or administrative decisions.
The ideal broker remains up-to-date with what's happening within the insurance field. As the future of the industry is somewhat unexpected due to the recent House passing of an amended American Health Care Act, coverage professionals must be able to educate their clients on what this legislation could possibly mean for health plans and insurance moving forward. Without that knowledge, organizations may find themselves learning about important decisions on delayed notice, which could negatively affect their bottom line and offerings in general.
"HSAs enable employees to store money for certain medical expenses."
An understanding of health savings accounts
A lot has been shared about health savings accounts recently. These funds are available to people enrolled in a high deductible health plan, a favorite option for many employers. With HSAs, employees can store money to be used on specific healthcare services and costs, according to NJBIZ. The money within the account is not taxed or subject to federal income tax when it is deposited.
This is an element of the amended AHCA as it helps businesses lower their healthcare contributions on behalf of their workers. Companies need a broker who is aware of the intricacies of these accounts as well as the advantages and disadvantages for both organizations and their employees. These professionals must be able to share their knowledge of HSAs portability and flexibility with workers who may be interested in the option as well as employers considering adding them to their insurance offerings.
It's important for companies and their benefits leaders to find and work with an insurance broker who is trustworthy and knowledgeable about the various aspects of his or her field. This assistance will ensure businesses identify coverage that is right for their bottom line and their employees.