Let’s face it, selecting a health insurance plan can be overwhelming and complicated for nearly all businesses. Navigating the complex landscape of health insurance plans can be a daunting task for human resources departments, and the time spent researching available options could be better spent on other aspects of recruiting, attracting, and retaining employees.
This is where health insurance brokers can play a vital role. A licensed health insurance broker can help HR staff streamline and simplify the insurance selection journey—from finding and comparing plans and securing quotes to meeting compliance and enrolling employees. Unlike an agent, who typically has a contractual agreement with a specific health insurance company, brokers don’t limit your choices. When your broker presents you with plan options, they’ll include a range of insurance companies, giving you a more comprehensive selection and more flexibility, all examined through their expert lens.
At SureCo, we partner with brokers and benefits advisors to help their clients navigate the individual market and offer an Individual Coverage Health Reimbursement Arrangement (ICHRA) to employees.
Below, find a closer look at how health insurance brokers simplify employee coverage and why their knowledge is invaluable to making the process better.
Expertise and Industry Knowledge
When it comes to something as complicated as health insurance, trust the experts! Brokers possess in-depth knowledge of industry and stay updated on the latest regulations, plan options, and market trends. This allows them to guide employers in making informed decisions by explaining complex insurance jargon, comparing different plans, and helping employers understand the benefits and limitations of each option. With a broker's recommendations, employers can easily find the most suitable coverage for their employees' needs.
Keeping skyrocketing health insurance costs down is a primary concern for every business. Brokers understand the financial implications of employee coverage for businesses and work to balance cost and coverage. With their access to a wide range of insurance carriers and plan types, a good broker can find the most competitive rates on behalf of their clients. This cost optimization ensures that employers provide valuable coverage to employees while managing the financial impact on the organization.
Tailored Plan Selection
The right health insurance plan for one company isn’t the right plan for every company. A broker will take the extra time to understand the specific needs of your employees and your company, looking at factors such as the company size, demographics, and budget constraints to recommend plans that align. By highlighting the options to those that best suit the organization, brokers simplify the selection process, saving employers valuable time and effort.
Comprehensive Plan Comparison
Since 2020, employers can now offer traditional group insurance plans as well as ICHRAs. With this wide array of health insurance options, brokers make it easier to understand the logistics of each kind of plan, the benefits and disadvantages, enabling informed decision-making.
Enrollment Assistance and Ongoing Support
Implementing health insurance coverage doesn’t stop after you select a plan. Health insurance brokers guide employers through the enrollment process and serve as a resource for employees, providing assistance and support when questions or issues arise. This ongoing support ensures a smooth transition, especially if opting for ICHRA coverage for employees. A broker can use the latest tools and technology to help you compare and find the right coverage for your employees while streamlining the enrollment process for your HR staff.
SureCo supports brokers throughout the insurance selection process, with employee communications, educational resources, and tools that help employees feel more empowered and in control over their own healthcare experience. See why a growing number of health insurance brokers are using SureCo's Enrollment Platform to simplify health insurance even more for their clients.
Learn more about SureCo's Enrollment Platform today.