As a business owner or human resources representative, you no doubt have many concerns when it comes to securing health benefits for your team. You may be looking for a new advisor because the current plan isn’t working, or because you are just starting out and you need some trusted options.
An initial benefit plan consultation is designed so that an advisor can best find out how to meet your needs, but there is always information that may go unsaid if you go into your consultation unprepared. So when you are preparing to meet with an insurance advisor, which questions are the most important to ask? Being armed with the right information can save you not only time, but money, and help you secure the coverage you need and your employees deserve.
1. What kind of administrative support is available by insurance providers?
It is important that employers and employees alike have easy access to the information they need, including coverage details, the ability to enrol in direct deposit for claim reimbursements, and downloadable forms for. When discussing different insurance carriers or providers with your benefits advisor, ask about the services their customer care team provides, including online support and assistance via phone. What hours are their helplines open? Their typical response time to inquiries? These are all important facts to know.
2. What experience do you have in providing benefits solutions to small businesses?
A trusted and credible insurance representative should be able to list his or her experience in providing insurance benefits to a variety of clients, including some that are similar to your business in size and structure. The advisor should also be knowledgeable about regulations surrounding alternative options to traditional plans, like a Health Spending Account (HSA).
3. What will be required when it comes time to renew our plan?
It may be tempting to go with the first insurance company you encounter simply because they offered the lowest price. However, this could be detrimental when it comes time to renew the plan, as premiums may increase. A qualified advisor will adequately explain how the renewal process works and what you and your employees can expect at that time.
4. What solutions can you offer my business?
Every business has specific goals and unique needs, and healthcare coverage is just one component of caring for employees. You should feel comfortable discussing other services, like EFAP program, with the insurance agent during your meeting so that he or she can review all available options with you. These can even go beyond group medical benefits to areas like wellness programs and life insurance options.
5. How will you address changing needs in the future?
As time goes on, the needs of your employees may change, whether that’s due to an increase in the number of employees you have or an overall change in the demographics of your employees, more families or the average age of your employees has changed. How will this service track external changes and ensure your employees have the coverage they need? Are you locked into a contract for a set amount of time? Are there additional fees for making changes to your coverage? Make sure you find out!
Trust a Professional in the Insurance Business
Each small business brings its own needs to the table, and it benefits everyone on your team to make sure you choose the right health benefits partner. With a bit of research and the right questions, you can secure a solution that will fit your budget and your company’s goals.
For more information on Benecaid solutions speak with your Advisor or contact us to learn more.
