Open Enrollment Is Coming!
Open Enrollment is Fast Approaching! Don't Wait to Find a Better Broker
The end of the year will be here before you know it, and with it comes open enrollment season. If you're an employer who has dragged your feet finding a new benefits broker, don't panic - Employee Benefits NJ can still match you with the perfect broker to secure great health insurance for your workforce by January 1st.
Open enrollment season is a crucial time to review your employee benefits packages and make any needed changes for the upcoming plan year. A key part of this process is ensuring you have the right benefits broker partnered with your company. The broker you choose can make a major difference in getting the optimal coverage and service.
Here are 3 reasons not to wait any longer to find a better broker:
Better brokers have more insurer connections and can get you better rates. They understand how to negotiate with carriers to get you the best deal on premiums. This saves you and your employees money.
Better brokers are experts at finding plans that fit your employees' needs. They can match your workforce demographics to plans with the right coverage levels and networks. This leads to happier, healthier employees.
Better brokers provide year-round support. They act as an extension of your HR team, helping with open enrollment, answering employee questions, and more. This lifts the administrative burden from you. Don’t tolerate a broker from whom you only hear once a year at renewal.
Here are some tips for finding the right benefits broker for open enrollment:
Research brokers thoroughly - Don't just go with the incumbent broker out of habit. Take time to research multiple options to find the best fit. Look for brokers with strong benefits expertise, experience in your industry, positive client reviews and a partnership approach.
Interview multiple brokers - Once you've identified several quality options through research, set up interviews. This allows you to vet brokers further through in-depth conversations. Come prepared with questions about their client service model, HR capabilities, renewal strategies and more.
Ask about connections with top insurers - An experienced broker will have cultivated relationships with multiple insurance carriers. These connections give them leverage to negotiate better rates, plans and service. Make sure any broker you consider has strong ties with leading national and regional insurance providers.
Discuss their support model - A broker should act as an extension of your HR team year-round, not just at renewal. Ensure they offer ongoing support for open enrollment, new hires, employee questions, compliance issues, claims problems and more.
Review their technology and HR services - Many brokers now provide additional technologies and HR services beyond benefits brokerage. Consider brokers who can offer online enrollment, employee apps, HR advice, compliance services, payroll and other tools that benefit your workforce.
Move quickly to allow enrollment preparation - To transition to a new broker and finalize 2023 plans, you'll want to select your broker partner by early December at latest. This gives them time to negotiate rates, design plans and prepare enrollment materials.
Finding the right broker does take some upfront work - researching options, interviewing, asking the right questions, and checking references thoroughly. But taking the time now leads to benefits packages and services better tailored to your employees' needs and more budget friendly to your bottom line. Reach out to us if you need any assistance navigating the broker selection process this open enrollment season.
