Historically, if you are like many businesses trying to provide employees with a quality benefits package at the most affordable price, it is likely that you repeat the same old process year after year and at the plan renewal.
It typically begins with a few prayers to the renewal gods for a low premium increase, followed by reviewing quotes, comparing benefits and networks — leap frogging from one insurance company to another and shifting more costs to your employees.
To make matters worse, the Affordable Care Act (ACA) has placed even more regulatory requirements and administrative burden on employers.
Now more than ever, employers need to break tradition and work with a broker who can negotiate, innovate and leverage technology to support your plan’s enrollment, communications, data and reporting.
Smart Business spoke with Ron Smuch, insurance and benefits analyst at JRG Advisors, about key areas employers should consider when selecting an insurance broker.
Are you provided with year-round support?
Accessibility and support is the foundation for maintaining an effective benefits program.
While it’s true that open enrollment is a challenging time of year, employers need to ask themselves, ‘What is my broker doing for my benefits plan the other months of the year, when it comes to customer service, compliance support, education, technology and strategic planning for the next renewal?’
What advantages can ACA compliance tools provide?
The rules and regulations governing employee benefis plans are complex, but technology is available to guide employers.
For example, there are tools to determine your number of full-time employees, ensure that your health plan provides minimum value and deciphers complex IRS reporting requirements.
To avoid compliance violations and penalties, choose an experienced, technology-based broker who provides access to tools, resources and offers qualified guidance.
What are examples of how technology can be used in benefits?
Technology now exists that allows an employer to gain de-identified employee health data and risk factors. Armed with this information, gaps in care can be identified, employee education can be specific and emerging health insurance claims can be reduced.
As far as open enrollment, this process can be not only a lot of work for the employer, but also a very confusing process for employees.
By using technology-based enrollment, however, an employer can save time and money and make the process more efficient and user-friendly for the human resources department and their employees. Many technology-based systems have forged their way toward improved communications, increased productivity, streamlined processes and cost savings for employers.
What are the takeaways for employers that want to become more innovative when it comes to their benefits?
The balancing act for an employer, which is trying to maintain a cost efficient, effective and competitive benefits package, requires an innovative benefits expert who can implement and maximize technology to meet your company’s unique employee benefit needs.
As an employer, ask yourself, ‘Is my broker making a difference for my company?’ A benefits expert who provides technology, resources, data analysis, targeted solutions and strategy to impact cost has the expertise and innovation you should be demanding.
Insights Employee Benefits is brought to you by JRG Advisors
