Benefits used to be so easy for many.  It was medical, dental, vision, and that’s about it.  As an employer, you cover all three relatively quickly with your broker right before your renewal season, then persevere through renewals.  As you did that, you usually hoped no one asked too many questions, filled out the paperwork on time, and appreciated the value you were adding to their lives. 

About a decade ago, all of that started to change.  First, with the Affordable Care Act changing the landscape of how individuals could get coverage and the policies around what health insurance plans had to cover.  Second, technology changed how people enroll in coverage, companies add new employees, and how companies provide the summary of benefits to their employees.  Third, the pandemic has introduced remote work, flexible and hybrid schedules. 

Change can be hard.  Some companies have only offered medical, dental, and vision coverage and are uneasy about adding new “non-traditional” benefits as they worry about the impact they will have on their company’s performance / productivity.  While the health insurance companies make sure all the necessary updates are made to comply with new regulations in the health insurance plans, business owners and those responsible for benefit decisions, need to work with a broker who can think out of the box.  Someone who can think strategically about what “new” benefits to add, how they can be positioned to employees.  Considering these can increase employee satisfaction and retention, even cut down on the cost of doing business in some cases.  But,  the company has to do a good job at communicating that value to their employees.  One of the best ways to do that is to use the credibility of a third party, i.e. a health insurance broker.  Ask them (or us!) to conduct employee value add sessions to reinforce what the company provides to the employees. 

Unfortunately, the number of new health insurance brokers has declined over the years.  This means the average broker has the propensity to be stuck in the old paradigm of medical, dental, vision and that’s it.  They also have a harder time adjusting to the new demands that businesses must add additional value beyond just coordinating the renewal process.  With the projected number of brokers who are going to retire in the coming years going up, companies need to look for a broker succession plan that can adapt to their current needs and grow with the company into the future. 

Technology is all around us.  In addition to smart phones, we have smart speakers, smart homes, smart fridges… you get the point.  Why do some companies still do paper enrollments?  Let me take a guess; it usually comes down to fear of change.  Either the broker is afraid of learning a new system (or helping their client learn it) or the company is afraid of changing how they do business.  Having worked with groups that were never set up with online enrollment, there is always a transition period.  Don’t let that stop you.  Yes, you might keep it the same this year, but then next year make the change; you will have 12 months to prepare.  Paper is not fun, but working with a broker who can help you navigate the transition from paper to electronic will save you heartache and hassle.  Once you make that transition, you will wish you did it years ago!

Now if those two topics aren’t enough, enter the impact the pandemic has had on the benefit demands of employees.  A much larger focus has been placed on mental health care, dependent care benefits, flexible schedules and locations, and many others.  These all lead into a much larger dynamic of how companies can use their benefits to lure in top quality talent and / or retain the talent they already have without breaking the budget to do so.  That’s why our firm takes a consultative process that seeks to understand the needs of the whole business and how the benefits play a part in helping the company achieve the purpose of why they have benefits.  When companies align their purpose to the benefits being offered, it makes a significant impact on the operation of the business AND the bottom line! 

The world of employee benefits is changing.  If any of these points resonated with you, schedule a complementary consultation with us.  Our focus is your purpose.  We know the challenges of finding quality talent and keeping quality talent engaged and appreciated.  That’s why we work hard to get you right before we get it right.  All it takes is one meeting, to set your benefits on a whole new trajectory.