The cost of providing health care benefits to employees is a constant burden for your clients, as health care costs continue to rise year after year. Costs are expected to rise another 4-5% in 2015, further straining employers’ budgets. At the same time, most employers understand the importance of offering benefits from a recruiting and retention factor, and struggle to offer quality benefits at a price they can afford.
The broker’s role in managing costs
As a broker, you may feel limited in your options to help clients manage those costs, as you can only present the rates that carriers provide you. Yet you also know that most employers will shop around for lower rates on a regular basis if their costs are rising—justified or not.
Even worse, some employers are choosing to leave the benefits game all together and instead send employees to the health care marketplace or simply take the penalty issued.
A new option for managing health care costs
There is an answer for brokers to tackle this challenge head on. With innovative new technology, you can offer alternatives to help clients save money on their health plan. Here’s how it works:
You create an interactive presentation that shows last year’s plan, the renewal, and any proposed plans you’ve developed, with their budget in mind. Those proposed plans are your opportunity to get creative with cost-saving measures using the sophisticated modeling software.
You present the plan options to clients, and as questions come up, you can edit plans on the fly to show the impact of a change—all while staying within their budget.
When looking at options, you can show clients not only the financial impact, but also the impact on employees.
This approach results in a more in-depth conversation, helping clients understand all their options and ultimately finding a plan that best fits their budget. Plus, it makes you look like a superstar because you get to show your expertise and help save clients money.
To read more about how brokers are proving their value in today’s tough market, read the free ebook, Prove Your Worth as a Broker. And be sure to share your comments on the topic below.