January is a big month for healthcare renewal and a good time to start reviewing your broker relationship.
A strong broker / client relationship should be collaborative, a true partnership. Before you meet with your current broker it is wise to do a full 360 degree review your current relationship. Asking your key stakeholder for feedback can be a very valuable tool in showing you care and place employee wellbeing high on your priority list. Here are some key questions for the three main stakeholders to consider or give feedback on:
- 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?
- How easy 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?
- 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