When you evaluate either your current Employee Benefits broker, or considering hiring one, there are a few things to consider. The “size” comment was an attempt at a joke, but seriously, size may very well make all the difference in the world, and not in the way you think. Smaller agencies are usually more responsive and have the owner’s best interests in mind. Nothing is 100%, but think of it like this; are you working with one of the Owners, Principals, Partners of the company, or simply an account manager. #EmployeeBenefits are a big deal. They are expensive, confusing, and carry great liability for businesses, if not administered properly.
Here are some things to ask, and if you get a befuddled answer or a blank stare, there’s a problem
There’s lots of insurance brokers out there that have no business advising Group Health clients on Employee Benefits. Any moron can throw plans around and enroll people. That takes no skill at all. The value that Group Health Brokers give is their expertise and knowledge of the Health Insurance industry. Ask your broker, or potential broker, what makes them different, and what is their “strategy”. Also…ask them what type of insurance they do. If they begin to list all kinds of insurance, run screaming. When I started in 2003, I didn’t know *%#& about insurance. I quickly realized that unless I specialized in one product, I would never be an expert at anything. I picked #EmployeeBenefits and #GroupHealth Insurance for businesses. That was before it imploded in 2010 with the ACA. Being an expert in #ObamaCare and the #ACA has been a blessing, and my clients benefit from it.
Employee Benefits, Group Benefits is a niche product…do yourself a favor and find an expert
If you have a broker that specializes in Group Benefits, that’s a start. Are they helping you with ERISA compliance and administering your Federal Cobra? OK..now we’re talking. You have no idea how many employer groups I’ve spoken to, who have no idea of any of these terms. Well…if you have not had a DOL audit before, you’re lucky. If you’re not compliant and you DO have an audit at some point, you better be dialed into these concepts. They are not very forgiving.
Call us for ANY questions you have…with NO expectation of us doing business. Call myself or my daughter Bonnie. (877) 421-4325. www.brauerinsurance.com Steve Brauer