January is a big month for healthcare renewal and a perfect time to start reviewing your broker relationship.
A strong broker / client relationship should be collaborative, a true partnership. At PF Compass we see ourselves as your business advisor and partner – not just a broker!
Before you meet with your current broker it is wise to do a full 360-degree review of your current relationship. Asking your key stakeholder for feedback is vital. It shows that you care and that you place employee well-being and your client’s success high on your priority list. Here are some key questions you should be asking.
Employers
- Is our broker earning the fees we are paying them?
- Do I have unnecessary “add on” costs?
- How often do I hear from them?
- How creative are they in providing options and alternatives to control cost without unnecessary disruption for our employees?
- How responsive are they to our issues and concerns?
- Do they protect us with compliance education and implementation?
Administrators
- How easy is does our current broker make it to onboard employees and manage claims?
- Do they have a responsive support team to answer our questions and help with challenges?
Employees
- Is your benefit plan being clearly communicated to your employees? Do they understand their coverage?
- Are they getting the help and support they need to stay on top of their options and claims?
- Does the plan make sense for everyone, or do we need to look at alternative options?
- Are we taking as much stress as possible out of the complicated world of benefits?
Some telling statistics from 2021 surveys*
- 60% of Job candidates consider benefits and perks as a top factor.
- The top perk within that category is healthcare benefits (40%)
- 80% of employees prefer an improved benefits package over a salary increase
The bottom line is that healthcare benefits are a huge part of a strong Recruit and Retain Strategy. With a carefully considered review and asking the right questions you are able to make an informed decision rather than sign off on a blind renewal.
Don’t let the healthcare renewal deadline be a last minute, hurried decision. Plan early for outcomes that will immeasurably benefit your business!
Brian Honan | Partner
PF Compass Employer Guidance & Benefit Solutions
440 Route 22, E., Suite 190
Bridgewater, NJ 08807
Tel (973) 732-0697
*Sources: LinkedIn / Glassdoor
