Love it or hate it, employers? health insurance renewals happen every year like clockwork.
Healthcare reform introduced a future of change and uncertainty in employers? health insurance and benefits, which makes annual renewal even more challenging. Now, more than ever, partnering with the right health insurance broker and consultant has a huge impact on the success of your renewal process.
How do you know if you have the best partner for your company?
The following are 5 must-haves in a health insurance broker.
#1 ?A solid standing in the industry
Start with the basics.
- Does the broker have a good reputation in the industry?
- What is the buzz in the community?
- Ask your peers for referrals.
- Check with carrier representatives and industry licensing sites.
#2 ?Long-term solutions
The evolving health insurance environment requires a different approach from the ?old school? renewal process.
What once translated into annual and episodic service, today calls for long-term planning process and a strategic investment that over time helps lower employee benefits costs. ??Ask for evidence of long-term strategic consulting ? for example, samples of a working 3-year plan.
#3 ?Active account management
Remember when the only time you saw your broker was at renewal time?
The consolidation of medical insurance carriers from 25 available markets to only four national carriers plus a few regional players changed the role of the health insurance broker.
Consolidation, escalating costs and an increasingly unhealthy workforce altered the landscape for managing employee?s health insurance.
Your partner in health insurance should have an active role not just in placing insurance coverage but also managing employee benefits costs over time. Ideally, your health insurance broker should be an extension of your human resource staff.
Once-a-year renewal visits should be a thing of the past.
#4 ?Integrated health?&?performance program approach
Historically, employers compartmentalized their health plans into separate buckets.
- Information about medical, dental and vision plans was kept separate
- Employers overlooked data from employee assistance programs
- Disability and workers? compensation were isolated benefits
- Wellness programs were often tacked on as an after thought
Employers are recognizing the far-reaching effect of employee population health on productivity and health benefits costs.
Your health insurance broker must have the knowledge, experience, resources and strategic partnerships to offer your company a total health solution. That includes a consumer accountability strategy for engaging employees in improving their total health and wellbeing.
Success is more than a good rate on your last renewal.
#5 ?Optimized healthcare reform strategy
Provisions of the Patient Protection and Affordability Act (PPACA) are already in place. Major changes are on the horizon for 2014.
The following are healthcare reform must-haves for your broker.
- Thorough?understanding of PPACA provisions and current status
- Modeling capabilities for assessing the impact of PPACA on your plan
- Actuarial and legal resources for analysis
In previous posts, we shared the elements of the Perfect Storm that is brewing in health benefits. Your health insurance broker should play a key role in helping you navigate the Perfect Storm.
Finding a broker with all your must-haves helps you find the right solutions for one of your?biggest?challenges ? your health plan.
Source: http://view.intercaresolutions.com/health-insurance-broker-top-5-must-haves/
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