3. Compliance Monitoring
Your broker should be well-versed on the various compliance monitoring requirements. These could include state, local and federal laws and regulations as they relate to healthcare benefits plans. This detailed information can change as new laws are passed, making it crucial to stay up-to-date on compliance monitoring or risk some heavy fines. Between the Affordable Care Act (ACA), Employee Retirement Income Security (ERISA) and more, there are a lot of potential pitfalls in compliance monitoring.
4. Problem Resolution
Your broker should be a go-to supporter for your human resources department if you’re having challenges with the administration of benefits or claims resolutions. They may also be available to help employees directly understand their coverage, benefits or answer more complex questions about their options for particular family situations. Detailed or complicated claims can linger on for many months, causing stress and frustration all around. Your broker may be able to step in and help negotiate on your behalf.
5. Claims and Benefits Analysis
A thorough review and analysis of the claims and benefits that your organization has used in the recent past can help you make better decisions about your future. Your employee benefits broker sees a lot of different organizations and benefits structures, and is well-suited to help make recommendations that will save you — and your employees — a significant amount of money. The cost of insurance and other benefits continues to rise, while the benefits that are offered may be reduced. Your benefits broker helps you understand which insurance options will help maintain wellness while balancing the budget.
Working with an employee benefits broker should help your organization save money, reduce the overall frustration level for employees throughout the year, and make annual enrollment a breeze. Coordinating the benefits for your employees shouldn’t feel like a burden on your human resources department.
When you are looking for a proactive, insightful employee benefits broker, contact the professionals at Innovative Broker Services today at 916-932-2864. We offer a range of free resources that you can download immediately, such as our complimentary PDF, “A 10-Step Checklist to Help Make Your New Employee’s First Week Great”.