Your benefits package can set you, as an employer, apart from the competition. Businesses are increasingly turning to consultants to help them create benefits packages while minimizing cost; like most things, however, consultants aren’t all created equal. How should you choose the best fit for your company? Follow these general guidelines.
Attending to Client Needs
A good benefits broker will look at an organization holistically and balance client needs with employee wants. The benefit of having a broker is that these specialists aren’t looking to sell a product; rather, they play a consultative role in which tools they provide for employers to effectively manage their worker obligations and meet all compliance regulations. A benefits consultant has several key functions:
- Helping employers weigh the benefits of high-deductible plans and self-funding health coverage
- Creating workflows to manage the enrollment process
- Providing scenarios about how proposed benefits would play out in light of health care reform, including taxes on premium plans
Perhaps the most important tenet in a benefits broker, particularly when working with a small business, is its ability to think of creative solutions. Small businesses work on smaller profit margins and budgets, so a broker should be able to think of innovative ways to comply with health care rules while minimizing out-of-pocket costs to the employer. Ask a benefits consultant at Cypress how he or she can help minimize expenses.
Providing Added Value
It stands to reason that a benefits broker should be worth the investment, providing a measurable value to the organization. This value comes from an organization that can provide advice throughout the year, not just during benefit enrollment.
A good benefits administrator will be willing to put aside the time to answer any of your questions. Contact Cypress Benefits today.