Employers understand the strategic advantages of offering their employees a group benefits plan. Offering health benefits can improve morale and productivity, lead to more competitive talent attraction, improve retention, and more.
If you’ve decided to purchase a benefits plan, consider taking advantage of benefit plan consulting to make the process easier and simpler.
Here’s how you’ll profit from benefit plan consulting.
1. Better Understand Your Company’s Needs
Choosing a benefits plan should be a strategic decision, based on your company’s needs and objectives as well as your employees’ needs. There’s a lot that goes into choosing the perfect plan that will work best for your business.
You cannot just choose a plan based on price. Nor should you rely on a generalist insurance broker’s recommendation of a cookie-cutter plan.
With benefit plan consulting, you will have an expert on your side who will begin the process by getting to know you, your company, and your employee population. Your consultant will survey employee preferences to ensure value of the plan you choose. It will get to know your objectives to ensure that the plan you purchase can help you achieve your goals. When you work with a consultant, you won’t have to settle for a one-size-fits-all plan and you’ll be able to maximize the value—and profits—that you will get from your plan.
2. Cost Savings
When you partner with a benefit plan specialist to help you choose a plan, you’ll also enjoy cost savings. Your consultant will know the ins and outs of health insurance. Not only will you be able to find the best plan that meets your needs, but also one that meets your budget.
Considering health insurance is typically the second biggest business expense a company has, it pays to find savings. Your consultant will be able to think outside of the box—think of different plan structures that deviate from typical group insurance—so that you can realize significant cost savings. It may even negotiate with the insurance carrier to save you money, too.
You may be an expert in your industry, but chances are you’re not an expert in health insurance, and that’s OK. With benefit plan consulting, you don’t have to be. You won’t have to navigate the complex world of health insurance on your own. You won’t have to understand all of the jargon. You won’t have to know all of the different types of health plans, like voluntary benefits and health spending accounts. You’ll have a consultant by your side who will be able to offer thorough explanations and help you make the right decisions.
4. Time Savings
Choosing a health plan for employees is no easy task. It’s quite time consuming. You have to request quotes from various insurance companies. You must then assess each quote independently. You have to dig through a lot of clutter in order to find the best plan for your business. Your benefit plan consultant can handle all of this legwork for you to ensure that it doesn’t interfere with your daily responsibilities.
5. Help with Implementation and Maintenance
Once you choose a plan, it’s critical that you effectively communicate its benefits with your employees. There will also be a lot of paperwork to get the plan implemented. And once it’s up and running, you might have questions about claims or concerns regarding your insurance carrier.
You don’t have to do it alone. With benefit plan consulting, you’ll have a partner that will help you through the entire process. Your consultant can help you with claims, plan design, negotiations, renewals, and plan changes, and can be the go-between with you and the insurance company. You’ll get the ongoing support you need to implement and maintain your plan. You’ll enjoy personalized service, when you need it most.