Exploring the vast network of employee health, dental, vision, life and retirement plans can be an overwhelming task. Changes in the insurance industry and variations in plans are constantly in flux and are affected by changes to local laws and a competitive marketplace. Today, companies are demanding a wide range of options for employers and individuals based on a complicated set of needs. A professional broker has become a necessity to securing the right mix of benefits while balancing health care needs and budget constraints.
“It’s all about the size and location of your business and the average age of your employees,” says Dave Hodges, owner of Hodges Insurance Services, Inc. in Santa Rosa. “If you have a group with less than 10 employees, you’re likely to be stuck with costs 20 percent higher than larger groups. An experienced broker can help reduce those rates by working directly with the underwriting department of an insurance company.”
When looking for an employee insurance broker, consider the following tips:
• At every annual renewal, you should be able to ask for a comparison sheet of available plans from several carriers.
• Don’t accept the first plan you’re offered or a standard renewal. The plan should be tailored to your specific needs.
• Ask if the broker has sufficient service staff to take care of administrative issues and answer employee questions.
• Ask if a live person will answer the phone and be accessible to answer questions.
• Ask about the broker’s relationship with different insurance carriers.
• Inquire about how open enrollment will be handled.
