Navigating the Search for the Right Insurance Broker This Open Enrollment Season

This open enrollment season is unlike any previous season. The coronavirus pandemic has managed to upend the US healthcare benefits market in the most unexpected ways. Over the last 9 months, it became abundantly clear that employees have not been using their healthcare at the same rate as they did in 2019. Due to the pandemic, elective surgeries have been postponed, fewer in-person medical visits are taking place, and emergency-related injuries have decreased overall.

Ordinarily, companies may only seek to make subtle changes to their benefit plans while anticipating their usual annual increases in insurance premiums. This year, that increase may feel more detrimental due to the overall drop in healthcare spending, and employees’ needs are changing amid all the uncertainty. What do you do when your current insurance broker can’t effectively adjust to your needs? The answer is to find one who has the expertise to guide you toward the right benefit plan choices for your company and employees.

For employers, there are many difficult decisions to make when it comes to offering medical benefits to employees. There are numerous benefit plans to evaluate and a need to balance the cost side of the equation. Your insurance broker should be able to act as your resource, helping you build a complete benefits package that works for your organization.

Here are some tips you should keep in mind as you evaluate brokers:

1. Ensure Experience

When you are in the market to select an insurance plan that will protect the company and its employees, you want a highly experienced partner by your side. Finding a reputable and qualified insurance broker who has experience with your company size and industry is important. If a broker doesn’t understand the unique needs of your industry and organization, they won’t be able to offer you the right information or the right plans.

2. Don’t Be Afraid to Make a Change

Just because you have had the same broker for years doesn’t mean that broker is still your best bet. Don’t be afraid to make a change if your broker no longer meets your needs. You have to do what’s best for your business. Changing brokers now could make all the difference between your company spending a lot of money or saving a lot of money in the long run.

3. Do Your Research

It always serves your best interests to research the people you are dealing with. See what others are saying about brokers. Conduct your own research. Ask for referrals from trusted contacts in your network. Be sure to seek third-party reviews and unbiased commentary. You might even consider directly asking the broker to provide you with some client references.

4. Ask About Commission and Fees

Be sure to ask about the broker’s fee structure up front. You want to know about any base commission or supplemental commissions your broker could receive. Such commissions are primary components of how your broker is compensated, and they could affect the broker’s services. Save yourself from any confusion or miscommunication by asking for exact dollar amounts.

Don’t be afraid to ask questions to gain clarity on things you don’t understand. It is the broker’s duty to be highly transparent throughout the entire process.

5. A Broker Should Be Your Advocate

Finding a broker you can trust is imperative. You want someone who is forthcoming and willing to fight for your interests. Look for a broker who will go above and beyond for you.

For example, if you’re being quoted higher rates, talk to your broker about what they can do to help. They should be willing to ask the carriers for a lower rate, or at least help you craft strategies to keep costs low without sacrificing benefits. A broker should be able to offer advice on how you can adjust your benefits package to reflect your business structure. More than ever, you need your broker to be your champion.

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This year, rethink renewing your medical coverage blindly. Remember, you are a customer for the broker and the insurance carrier. Take all the factors presented above into consideration as you weigh your options. Make sure your package can account for shifting HR policies, ensure workplace safety, and offer flexibility for your employees’ needs. If you have the right broker partners for your company and your employees, it shouldn’t be that hard.

Brian Freeman is the founder and chief executive officer of Mployer Advisor.