Most business owners rely on their brokers to address and answer all of the needs for their employees when it comes to benefits. And, it is up to your broker to provide that information BUT it is also up to the owner to educate themselves on certain aspects of the benefits. Here are some examples:
1. Understand your network options for your employees. Networks tend to overlap in some areas and depending on the carrier and network design it can be confusing but it is not rocket science. You might find out your EE’s doctor(s) is one a network with carrier ABC that is more cost effective than the network and carrier XYZ.
2.Understand gap or supplemental coverage and the need for these products along with higher deductibles. The way to drive premiums down is higher deductible and any business with a deductible under $2500 is getting ‘stuck by the man’ and your broker is not doing you justice. Also gap/supplemental plans are cheap and effective and pay directly to your EE’s if claim is filed. The monies go along way toward deductibles or other bills. OFFER THEM or if reduced premiums are now in place then PAY FOR ONE OF THEM for your employee. A ‘free’ benefit to an employee is a happy employee. A happy employee stays longer and is more productive.