Is Your Broker Practicing What They Preach?

Is Your Broker Practicing What They Preach?

We've all been there before, soliciting advice or options from others when we need to take our own advice. But when it comes to your health insurance plan, you need to ensure that you get the correct coverage for your needs.

In this economy, business owners are looking to save money wherever they can; however, if you are looking for a better result from your health insurance plan and your broker is not telling you that you should look at alternative solutions like self-funding and group captives, alarms should be going off.

As a benefits consulting firm, we have been on this journey; at one time, the Evergreen Group was fully insured with Blue Cross Blue Shield- but we realized that we were overpaying for a plan we were not using. We weren’t taking the advice we were giving to others.

We decided that we had to uphold our integrity and do what we asked others to do, so we now have 15 employees in a group health insurance captive because we believe in walking our talk and practicing what we preach.

The captive we participate in includes:

1. Over 3,000 total employees' lives
2. Independent third-party administrator
3. Independent pharmacy benefit manager
4. Nurse concierge
5. Reference-based Pricing (RBP)

The strategies we use in our current health insurance plan are helping companies REDUCE their costs by 20-25%, including our own! By walking our talk, we get the same results we give our clients.

To get the most out of your health insurance plan, you need to ensure that you get the right coverage for your needs. Your broker should be able to help you find the right plan, but if they tell you to self-fund when their own plan is still fully insured with Blue Cross Blue Shield, it’s time to look at your options.

Suppose your broker suggests you switch to a self-funded plan when they know their own agency’s health insurance plan is still fully insured. Should you trust their advice? Are they not comfortable implementing what they’re telling you to do?

The next time your broker recommends a strategy you're unsure of, ask, "So, what does your company do with its benefits?"

When you ask that simple question to the Evergreen team, you can feel confident with the answer that we are using the same benefits that we are offering your business.

If you are ready to talk with a broker who is walking their talk- schedule a free strategy call with us today so we can help you determine if self-funding or group health insurance captive is the right option for your business.