“Why have I never heard this before?” Is something I hear a surprising amount when I talk to prospective clients about their benefits. And what they mean is, why don’t they know they can get quantifiable information on quality, or that healthcare can truly be a controllable cost.
Brokers have an immense effect on not only your company’s finances, but also a profound impact on the health and wellbeing of your employees and their families. Which is why you need your broker to offer more than what they’re familiar with, so you can achieve a cost-saving, competitive healthcare plan.
There are likely two answers to why you didn’t know about cost-saving options, strategies to manage your costs, and obtainable data to help make tough decisions easier. Those answers are:
1: Your broker doesn’t know it.
2: Your broker does know it and doesn’t want to tell you.
Obviously, one of these answers is more acceptable than the other. You can work with a broker who is willing to learn, but the second answer is unconscionable.
As an employer, you need more information at your fingertips than what the traditional broker can bring. If you are a large employer, you may be using a one size fits all plan offered from one of the larger carriers. If this is the case, and chances are good, you could be missing significant opportunities to take control of your healthcare costs.
The thing is, some “brokers” haven’t been looking for better solutions or been receptive to change. Skills and capabilities that are expected of brokers are constantly advancing and improving. Some brokers haven’t put the time or energy in to develop these skills. They haven’t invested their own time or money into finding better ways to provide healthcare to their clients.
For these brokers, the job is relatively easy. They pick the package, hit send, and the plan renews every year until clients become frustrated with increasing costs and little savings. I know this because I was that guy. Then I saw there was a better way. I changed my entire business because I wanted to give the best to my clients and their employees. I didn’t want to sit back and do what was best for only my revenue.
In all other professions — medicine, technology, law, etc — experts are expected to learn new material, gain new knowledge and stay informed of the latest developments in their space. We rely on them to use the best solution available and the only way for them to accomplish that is to stay on top of what is changing and what has already changed.
Traditional broker education doesn’t have these standards. Which means your broker might not be up to date with the technological innovations and education that allows brokers to stay active and sharp in their field. Their job is to make sure you receive the most value for your investment and achieve benefits your business can be proud of.
Many employers have had the same broker for years, without giving thought to whether a change is warranted. Don’t be afraid to ask your broker questions and be wary if you aren’t given answers. Your business is constantly evolving, so should your benefits plan.
Gain control of your healthcare plan, give your employees and their families what they deserve and stop being left in the dark. Find a broker that can help you make valuable decisions about your healthcare plan.
Dynamic and innovative people in benefits stay active and are working with you year-round to make sure your strategy is on target with your goals. They don’t reach out once a year near renewal time with nothing to offer but a contract.
