In its most simple form, therole of a benefits broker is to help individuals, especiallyemployers, navigate the murky waters of health plan purchasing.

Some brokers have been able to steer clients toward calmerwaters where year-over-year spending has decreased or stayedstagnant, but others have unfortunately sailed them right into theeye of the storm, where premiums increase anywhere from 5 percentto 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 theyears, become very much cut and dried, copy-paste variations of oneanother, almost all of them with ever-increasing price tags. As aresult, brokers have had a difficult time identifying andpresenting both old and new clients with creative, competitiveplans. And as one plan often isn't all that different from another,it's been more tempting for them to keep employers on existingplans than to have them implement a new one.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.