NEW YORK, Nov. 7, 2019 /PRNewswire/ -- FSA administrators, Clarity Benefit Solutions, shares what people look for in a benefits broker.
Choosing the right benefits brokers is a matter of fully understanding the role a broker can play in servicing a company. The key responsibilities a broker should cover include: assisting employers in obtaining health insurance quotes during the annual renewal period, offering a complete financial analysis to help employers select the appropriate provider, providing plans based on employees needs and wants, and actively addressing any concerns employees may have while selecting benefits providers.
Employers should take their time during the broker selection process. Shop around and compare prices. Make sure the broker has a solid service model that is employee-centric. Employees should be able not only afford the plan but have the ability to call on a licensed professional to address any concerns they may have. Find out if the broker works alone or has a support system to reach out to for additional assistance.
It is also vital to offer employees more than one plan choice. Most employers hire workers from all walks of life, and as such need to provide plan options to suit each employee's wants and needs. Life insurance, vision/dental, disability, long-term care, voluntary benefits, and wellness programs are strong options to consider. The right broker should have already evaluated the costs as well as plans of several major insurance carriers to narrow down these options.
Many employers are utilizing a formal request for proposal (RFP) process to choose a broker. This process often details specific rules, deadlines, and broker qualifications—as well as list of detailed questions concerning a broker's capabilities. Employers can request potential brokers submit any questions in writing before interviewing them. Employers should request brokers make a financial presentation.
Also, look into what technology potential brokers are using. Those that use a benefits administration software are better set up for success since they have streamlined processes, more open lines of communication, and fewer human errors involved in their work.
While it can pose a challenge to find the right benefits broker that can result in the most employee satisfaction, taking the time to thoroughly evaluate each potential broker and then ask the right questions can go a long way in finding success.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
SOURCE Clarity Benefit Solutions