Let’s face it, Employee Benefits are complex and messy. Every year you can almost hear the groans of your employees leading up to their annual open enrollment meetings. What is even louder are the groans of the Human Resource staff, or designated company individual who is tasked with researching benefits every year and trickling down this information to their staff. It is cumbersome and time consuming. What if I told you there was an easier way? A simpler way to deal with this yearly event?
Let me introduce you to the concept of an Employee Benefits Consultant, or otherwise known as a Broker. Broker’s sometimes get a bad rap. People might shy away from insurance Brokers due to misconceptions about the industry or cost of services. In this article, I will explain just what we do and the benefits to you.
What Does a Broker/Employee Benefit Consultant Do?
Simply put, a Broker is a licensed individual that helps companies (or individuals) select and manage their insurance policies.
Here at Choice Employee Benefit Group (CEBG), we are Accident, Life & Health brokers. We are authorized to handle a number of insurance lines, such as: Health, Dental, Vision, Life, Disability, Accident, Critical Illness, Health Reimbursement Accounts, Flex Spending, etc. At CEBG, we primarily work with companies to offer these benefits to their employees.
It is our job to make sure that we are gathering the plan options for all of these lines of insurance to present to our clients. With each line of insurance, there are multiple insurance carriers that offer plans. We represent each of these carriers and negotiate with them, when possible, to provide the best and most cost-effective options to our clients. Think of us as independent unbiased consultants working FOR our client, not for the insurance company. (Please note that in some cases, especially small groups, rate negotiation would not apply to community rates products)
Our job does not stop there. In addition to shopping out plans at renewal, we educate employees, submit applications & terminations, assist with compliance, untangle claim issues, advise on unique eligibility cases (child support orders, divorces, etc), answer billing questions, advise of mandated compliance, keep clients up to date on fast moving legislation changes …… and the list goes on. We act as an extension of our client’s HR departments and a trusted resource.
How Do Brokers Get Paid?
There is a myth that going direct to insurance carriers and cutting out the middle man (broker) will save you money. While that might be true in some situations, if your company has less than 100 employees the health insurance premium you pay would be the same if you went directly with the carrier or used a Broker. Brokers are typically paid a small percentage of premiums directly from the insurance carrier. If a company opts to go directly to the carrier, there is no discount on the premium. To our clients, we are essentially a free service. You get an expert in the industry without having to pay a consulting fee!
Advantages of Using a Broker.
There are many advantages to using a broker. We help our clients save time and money. We simplify choices and help employees select plans that are right for them. A good Broker is not someone that you see once a year during renewal time, but someone that becomes a constant resource for education and support during the year. This becomes invaluable should an employee have a major medical incident. We can provide quick answers or handle claim issues, so the employee can focus on being well again. All of this can save time, resources, frustrations and money.
Contact us if you would like to discuss your current employee benefits strategy or implement a new one. Choice Employee Benefits is the Right Choice for your benefit needs.
Let me introduce you to the concept of an Employee Benefits Consultant, or otherwise known as a Broker. Broker’s sometimes get a bad rap. People might shy away from insurance Brokers due to misconceptions about the industry or cost of services. In this article, I will explain just what we do and the benefits to you.
What Does a Broker/Employee Benefit Consultant Do?
Simply put, a Broker is a licensed individual that helps companies (or individuals) select and manage their insurance policies.
Here at Choice Employee Benefit Group (CEBG), we are Accident, Life & Health brokers. We are authorized to handle a number of insurance lines, such as: Health, Dental, Vision, Life, Disability, Accident, Critical Illness, Health Reimbursement Accounts, Flex Spending, etc. At CEBG, we primarily work with companies to offer these benefits to their employees.
It is our job to make sure that we are gathering the plan options for all of these lines of insurance to present to our clients. With each line of insurance, there are multiple insurance carriers that offer plans. We represent each of these carriers and negotiate with them, when possible, to provide the best and most cost-effective options to our clients. Think of us as independent unbiased consultants working FOR our client, not for the insurance company. (Please note that in some cases, especially small groups, rate negotiation would not apply to community rates products)
Our job does not stop there. In addition to shopping out plans at renewal, we educate employees, submit applications & terminations, assist with compliance, untangle claim issues, advise on unique eligibility cases (child support orders, divorces, etc), answer billing questions, advise of mandated compliance, keep clients up to date on fast moving legislation changes …… and the list goes on. We act as an extension of our client’s HR departments and a trusted resource.
How Do Brokers Get Paid?
There is a myth that going direct to insurance carriers and cutting out the middle man (broker) will save you money. While that might be true in some situations, if your company has less than 100 employees the health insurance premium you pay would be the same if you went directly with the carrier or used a Broker. Brokers are typically paid a small percentage of premiums directly from the insurance carrier. If a company opts to go directly to the carrier, there is no discount on the premium. To our clients, we are essentially a free service. You get an expert in the industry without having to pay a consulting fee!
Advantages of Using a Broker.
There are many advantages to using a broker. We help our clients save time and money. We simplify choices and help employees select plans that are right for them. A good Broker is not someone that you see once a year during renewal time, but someone that becomes a constant resource for education and support during the year. This becomes invaluable should an employee have a major medical incident. We can provide quick answers or handle claim issues, so the employee can focus on being well again. All of this can save time, resources, frustrations and money.
Contact us if you would like to discuss your current employee benefits strategy or implement a new one. Choice Employee Benefits is the Right Choice for your benefit needs.
written by Choice Employee Benefits
We are a locally owned and operated employee benefit consultants servicing the WNY area. Providing consulting, education and guidance to our clients and their employees.
We are a locally owned and operated employee benefit consultants servicing the WNY area. Providing consulting, education and guidance to our clients and their employees.
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