If you are an employer struggling with figuring out Group Health Insurance for companies, you are not alone. Group Health Insurance is confusing, frustrating and expensive. Having a broker that knows what they are doing is critical. Even more critical is finding a broker that specializes in Group Health Insurance. Anyone can be a “jack of all trades” and a Generalist. It takes some skill and knowledge to be a Specialist. Group Health Insurance is a niche product. I can’t even begin to tell you all of the mistakes I’ve made in the last 13 years figuring out what I did not know. There is NO way that a broker can advise people on Group Health Insurance, and do it part time, or even alongside other lines of insurance. There is just not enough hours in the day to learn this industry.
Having a Group Health Insurance expert is the key
Many brokers claim they know Group Health and Health Insurance. I recommend people do their homework…Yelp them, check out their website. How are their Google reviews? You’ll get a sense of what they are all about pretty quick. Being an expert in the Group Health industry means making sure each group is compliant with all of the mandates of the Affordable Care Act. Are they supplying your group with all of the ERISA documents that you will need in case the Dept of Labor comes knocking. Do you have a WRAP document or the SBC’s for your Group Health Plans? If not, there’s a problem
Compliance is the name of the game with Group Health Insurance
It’s not hard to get compliant. You just have to know how to do it. Your broker should know. If they don’t…..call us, we do. Whether it’s Federal Cobra or any ERISA documents, the responsibility to have those documents in order and administered belongs solely to the EMPLOYER. Any penalties associated with not having them will be paid by the employer. The question I always ask employers is, “would you send a relative (that you like) with a heart problem to a General Practitioner or a Cardiologist”. Kind of an extreme example, but you get the point. Our services are free, not matter who represents you.