We Like Our Broker!

As we're initially evaluating a prospective client's benefit plan, we often hear, "We like our broker."

That's very understandable!

Most people prefer to work with people they like, but with many thousands of dollars and your employees' health on the line, is "liking your broker" enough not to consider making a change?

How can you objectively evaluate the performance of your existing broker and know when it might be wise to make a change?

Here are a few things to consider:

Does your broker have a commission-driven agenda?

Is your broker's renewal strategy based on changing from one carrier to another or increasing deductibles and copays to offset premium increases?

Does your broker provide transparent compensation disclosure required in the Consolidated Appropriations Act?

Are your health insurance rates or overall healthcare spending going up yearly without any meaningful reduction?

Has your plan gotten to the point where your employees are functionally uninsured because they can't afford the high out-of-pocket costs of your plan?

Is your broker providing ongoing benefits education to your employees throughout the year?

Is your broker providing technology solutions to streamline administrative work and ensure your plan is in regulatory compliance?

Is your broker providing charts and graphs that make your current situation seem acceptable?

Does your renewal seem rushed, leaving you with inadequate time to evaluate options and make sound financial decisions?

Does your broker use the phrase "we had a bad claims year" to justify accepting a double-digit increase from your carrier?

Remember, your benefits broker should be a trusted partner in navigating the complex world of employee benefits. If you're experiencing these symptoms, it may be time to look for a new benefits broker. Please don't settle for less than the best regarding the well-being of your employees and your organization.