Many employers consider health coverage to be the most important employee benefit. Health plans can also be advantageous for employers as they are tax deductible and have been shown to improve recruitment and retention. However, not all health insurance plans are equal. For this reason, many companies rely on the expertise of benefits consultants. A benefits consultant is a knowledgeable professional who advises business clients on various employee benefits, such as health insurance plans.
Assessing the Employer Budget
While you may want the very best for your loyal employees, it is important to ensure that the benefits you choose fit into your budget. If you spend too much on a health plan, your business could suffer the financial consequences elsewhere. Before a benefits consultant will even begin looking at health plans for your business, he or she will first need to assess your budget. This will allow the consultant to narrow down health plans based on the amount that you have designated to pay towards employee healthcare.
The good news is that even if you have a small budget to allocate towards an employee health plan, you will not necessarily wind up with a bare bones plan. When you partner with a reputable benefits consultant for choosing a health plan, you can also enjoy the cost savings that go along with this service. Your consultant will have a solid understanding of health insurance and will know where to look to find the most comprehensive plan for your budget. Benefits consultants may even consider different plan structures that may deviate outside of the standard group insurance plans.
Benefits Consultants Research and Present Helpful Options
While most benefits consultants already possess extensive knowledge of employee health plans, they must also perform research to find customized solutions for client companies. Instead of just focusing on one benefit, a benefits consultant will consider many different options to determine which is best suited for your business and budget. Your benefits consultant will also provide valuable advice and guidance on which health plans will provide your employees with the best coverage and benefits and which are limited in certain areas. The plans they present to you will be based on a variety of factors, such as the number of employees you have, their health, and age bracket.
A benefits consultant’s expertise in the industry plays a major role in their ability to help you select and compare health plans. Even if you are not an expert in the health industry, having a benefits consultant on your team can help ensure that no aspects of your decision are overlooked. There is a lot of complexity and jargon used in the healthcare industry and it can be highly advantageous to have a health insurance expert to handle all of the difficult aspects of choosing a health plan.
Benefits Consultant Plan Thoughtful Designs with Consideration of Employee Needs
When choosing and comparing health plans, benefits consultants aim to find a balance that benefits both employers and their employees. This starts with gaining a better understanding of a company’s needs. Selecting a health plan for your business should be a strategic decision based on many factors, such as your company’s unique needs, objectives and the needs of your employees. Remember, while price is important your decision should not be based primarily on the cost of the plan. While you may be saving money on healthcare costs, your employees may not be satisfied with the plan resulting in a decrease in employee recruitment and retention.
Before selecting a plan, your benefits consultant will help you plan for your existing and future needs. This may involve surveying your employees to find out their preferences when it comes to health plans. The planning process may also consist of meetings with management to determine budget, terms and conditions, and similar aspects that could factor in when selecting a plan. You do not need to stick with a one-size-fits-all plan. With the help of a benefits consultant, you can develop a customized healthcare plan that provides you with maximum value.
The Role of a Benefits Consultant After Planning
The role of a benefits consultant does not end after a health plan has been selected and implemented. What makes hiring a consultant beneficial is that he or she will continue to provide you with valuable resources and information long after the planning process is complete. Once up and running, you can count on your benefits consultant to answer any questions and address any concerns that you may have regarding your new plan. Think of your benefits consultant as the middleman between your business and the insurance company.
After implementing your chosen plan, your benefits consultant will also aid your company in a wide range of insurance-related tasks. This may include help with claims, negotiations, plan design, plan changes, and renewals. Your business will also receive ongoing support and assistance with health plan maintenance. This personalized service can come in handy when a problem occurs that you do not know how to handle or when you need to make changes to your health plan but are not sure where to start. You can also rely on your benefits consultant to help you compare and choose other types of employee benefits, from life insurance and disability to dental coverage and retirement accounts.
Get Clear Advice from the Pros at BBG
Hiring a benefits consultant to help you select and compare health plans can be a cost-effective strategy to bridge a gap in the knowledge and skills of your company. At Business Benefits Group, our team of experienced benefits consultants have decades of experience giving us a competitive edge. For more information about how one of our benefits consultants can help you choose and implement an employee health plan or to get started, reach out to the pros at BBG.