Why is it Important to Create a Varied Benefits Portfolio for Your Team?
- Working with benefit brokers allows for custom employee benefits administration solutions tailored to employees’ needs.
- Benefits brokers can help companies identify the benefits packages that best suit their needs.
What is an Employee Benefits Broker?
- Employee benefits brokers provide information about benefits, such as healthcare, retirement, and workers comp.
- Brokers provide compliance information to ensure that employers stay compliant with the Affordable Care Act (ACA), Employee Retirement Income Security Act (ERISA), and other regulations.
- Provide advice on how to minimize costs and reduce premiums.
- Help companies create an employee communications strategy as it relates to benefits and enrollment.
- Provide assistance and resolve problems with claims or benefits administration.
- Work with employees who have questions about their benefits and coverage.
What do Benefits Brokers Bring to the Table?
- Benefits brokers are fantastic sources of information about coverage, cost, plan comparison and healthcare compliance.
- Should you decide you need a custom package, they can help piece that together, saving the business owner or HR team valuable time.
- Benefit brokers can help with contract review and negotiation with benefit providers.
- Provide advice on changes to benefit packages based on your employee needs, demographics, and internal analysis.
The Benefits for Your Employees
- While an individual provider or vendor often has blanket or general policies, a broker can help piece together custom insurance plans which address the specific needs of your employees.
- Brokers can act as a supplementary source of information when employees have questions about their policy that your team is unable to answer.
- Brokers can help employees to better understand their claims and coverage.
- Provide additional education to employees about their benefits and options.
How an Employee Benefits Broker Will Save You Money in the Long Run
- Rather than pay for components of a general insurance plan that your employees may never use, build out a custom policy that reflects your employees’ needs.
- Brokers are your ongoing point of contact to introduce new benefits products to you over time, allowing your company to be a more competitive employer and a better place to work.
- Brokers can provide advice on changes to benefits packages that help companies to minimize total costs.
What are Your Organization’s Needs?
- Take time to assess employee needs. Do your employees need flexible spending accounts? A retirement plan? Healthcare coverage? What’s most important to them?
- Work closely with your employees to better understand their needs. Working with a benefit broker to conduct internal analysis can help you to better refine your benefit offerings.
- Analyze and understand your existing benefits and claims. Better understand how to navigate and work with your workforce to find the right solution.
Expert Benefit Brokers and Cost Savings
- At Paypro our employee benefits brokers have over 100 years of combined experience in the industry. Their willingness and ability to provide a solution customized for your company sets Paypro above the average broker to give your employees exactly what they need while your company stays within budget.
- When you integrate our HCM software solutions with a Paypro broker you initiate immediate time and costs savings but removing much of the manual work from HR.
- A broker that has knowledge of how employee leave, payroll, and other critical functions at your company work can help right size your benefits solution.