Legislation renews emphasis on brokers’ duty, presents opportunity for change
Instead of shying away from change and crossing their fingers that this legislation won’t pass, wise benefits brokers will choose to be proactive rather than reactive.
In its most simple form, the role of a benefits broker is to help individuals, especially employers, navigate the murky waters of health plan purchasing.
Some brokers have been able to steer clients toward calmer waters where year-over-year spending has decreased or stayed stagnant, but others have unfortunately sailed them right into the eye of the storm, where premiums increase anywhere from 5 percent to 20 percent per year with no additional perks.
In the latter scenario, this isn’t necessarily the brokers’ intention. Carriers’ fully-insured health plans have, over the years, become very much cut and dried, copy-paste variations of one another, almost all of them with ever-increasing price tags. As a result, brokers have had a difficult time identifying and presenting both old and new clients with creative, competitive plans. And as one plan often isn’t all that different from another, it’s been more tempting for them to keep employers on existing plans than to have them implement a new one.
Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.
Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
Exclusive discounts on ALM,
BenefitsPRO magazine and BenefitsPRO.com events. Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account?
Sign In Now
Remember, you’re not always the expert, nor do you have to be. However, by staying true to and aligning with your company’s core competencies, you can better gauge the right time to bring in help.
The effort may mean that agents, brokers and other benefits advisors will have one more coverage detail to explain to clients.
Nominate yourself, a peer, or a colleague today for 2022 BenefitsPRO Broker of the Year.
Sponsored by Resolution Reinsurance Intermediaries, LLC
21st Century Care Benefits for When Life Gets Complicated
61% of employers surveyed consider caregiving benefits to be a top priority for their business and employees, yet 22% consider themselves as below average in developing caregiving benefits. Download this info sheet to help your clients remain competitive by offering a care benefit package.
Browse More Resources ›
Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.