Group Insurance – Tips to Maximizing the Value of Employee Benefits
Unhappy with the rising cost of group insurance? Good news – an independent broker/plan advisor can save your company thousands of dollars while adding more value to your service.
Follow these proven strategies and you will maximize the value from your employee benefit dollars.
1. Determine what your company needs – Work with a broker that specializes in group benefits; one who knows how to get the best value for your company based on your actual healthcare needs. There are lots of “extras” built into your contract that cost money that seldom ever get used or show value to your employees – a great advisor can identify these for you and the corresponding cost savings from removing them, or communicate their inclusion to your employees so you will get some value for these extra costs.
2. Understand the various types of group coverage – Group benefits include more than just health insurance; employees have come to expect a more comprehensive plan. Learn as much as possible about life, health, disability, dental and vision coverage. Your broker can explain how all these plan options work together to keep your workforce healthy. Some employees want to “opt out” – this can be a costly trap for employers and is seldom in the employees’ best interest. A good advisor can explain why.
3. Know your insurance providers – When it comes time to renew your group benefits, you will want to become familiar with what competitive insurance companies have to offer. Look for evidence that your broker knows the marketplace to have your advisor negotiate the best renewal rates. Your broker should also review your plans regularly to ensure they align with your company’s needs and those of your employees – options and costings of those options change regularly and what may not have made sense 2 years ago, may now make sense. As well, different insurers rate different industries, different demographics and different occupations differently – is your plan advisor/broker fully aware of how your company is rated and is it the best scenario for you?
There are many steps that can be taken to contain the costs of group insurance, but it all starts with a trusted group benefits specialist. An independent broker can shop the market for you because they are not tied to any one insurance carrier.
Look for a broker who specializes in employee benefits, they don’t cost you more, and will save you thousands form their expertise – and don’t hesitate to ask for references from existing clients.
Interested in learning more about how the Silverberg Group can help? Email us!
Silverberg Group specializes in employee benefits consulting for companies of all sizes, and is Alberta owned & operated. From employee benefits programs to executive packages, we translate industry information into innovative options and solutions that best suit your organizational goals. Since 1996, over 800 clients have put their confidence in our industry expertise and our exceptional service. Let us become part of your company’s human resources team.