If you’re a business owner, keeping your staff healthy can be an important part of what you offer to attract and retain great staff. But Group Benefits can be confusing. There are numerous different providers to choose from, offering a wide range of options and price schemes. Finding the right one for the unique needs of your business is no easy task.
On top of that, administering your group benefits plan requires a good understanding of taxation, liability, HR issues, and more. Businesses can certainly choose a benefits package all on their own; however, when you choose to work with a Group Benefits Advisor you’ll have an easier time with the decision-making process. And you’ll receive ongoing help to understand how to get the most from your benefits
Some of the top reasons to work with a Group Benefits Advisor include:
They really know the benefits landscape.
A Group Benefits Advisor knows the benefits landscape inside and out; they’re familiar with different benefits packages, and a variety of options that you might not even know existed. And it’s their business to stay informed so they can constantly support their clients.
They work with, and have inside knowledge of many benefits providers.
Group Benefits Advisors have partnerships with numerous benefits providers. Because of this, they can leverage these long-term relationships to advocate for your needs and best interests.
Most companies that provide group insurance are national or international, but Benefits Advisors are local; they have a better understanding of your business landscape, and how your benefits package interacts with your provincial medical services.
They know how to review and assess your plan.
When it comes time for a renewal, a Group Benefits Advisor has lots of experience assessing plan usage. As a result, they can make suggestions for changes that could be more cost effective, or a better fit based on your company’s needs.
How to choose a Group Benefits Advisor
So, you’ve decided to work with a Group Benefits Advisor, but how do you know which one to choose? Here are a few tips to help you out:
Choose a Group Benefits Specialist, not a generalist.
There are many insurance brokers out there who handle everything from home insurance, to personal life insurance, to investments and more. If you have an insurance broker for some other aspect of your business, they may be able to recommend something; but they certainly will not have the same depth of expertise as a specialist who is only focused on group benefits. You’ll be able to get the most value from the knowledge of a Group Benefits Specialist; and their familiarity with the industry will help you meet your needs.
Find someone who listens.
Your business and your needs are unique; when it comes to your benefits plan, your Advisor is there to be an advocate for those unique needs. To do this, you need someone who is really willing to listen to what you have to say, learn about your business, and then find the right solutions that suit you.
Make sure they’re responsive.
One of the tasks of a Benefits Advisor is to help your plan Administrator, and provide ongoing support. So if you find someone who is quick to respond, available to answer questions, and always finds the answers you need, you know they’ll be able to support you.
Make sure your Advisor takes a long-term view of your plan cost.
Many benefits plans come with deep discounts in the first year, and then increase significantly at the first renewal. A good Group Benefits Advisor will look at the long-term costs of your plan and find something that will continue to be financially viable for your company over many years.
Choose an Advisor you can trust.
The best way to find a group benefits advisor you trust is to meet them, get to know them, and find out what their business values are. Choose someone who you feel comfortable with, and can see yourself working with into the future.
As Group Benefits Specialists, we know that we’ve been able to provide a lot of value to our clients over the years to help them get more value from their benefits. But don’t just take it from us, check out some of the resources we used for this blog, written by our provider partners, and industry peers:
Benefits By Design Blog: Why Use a Group Insurance Advisor
Mainstay Insurance Brokerage Inc. Blog: Choosing a Group Benefits Broker