Businessmen and women are used to insurance brokers bringing them an annual renewal, with “quotes” for costs, and these exercises are always filled with anxiety because the businessmen and women never know what is coming and cannot plan ahead.
Sound familiar? Of course it does. It’s what you, your parents and every business has been doing since World War II.
Businessmen and women like certainty. Predictability. Don’t you want that in your benefits planning too? Of course you do. The trouble is, no one delivers that to you so you keep doing the same thing, year in and year out, on the painful treadmill of uncertainty and higher costs.
We start by asking you what your budget for benefits was last year, and then what your budget for benefits will be for the coming year. That’s right – let’s start with what YOU want to spend for benefits, what you can afford. You control the cost. You decide what you will spend.”
After you’ve set your budget, then we work with you to divide that budget up among your employees. How much will you allocate for single employees, employees with families, senior managers and so on.
Then we work with you to decide what benefits you would like to make available to your employees.
Then we meet with your employees and help them understand that their employer is no longer going to pick one set of benefits that is supposed to fit them all – and that they, armed with the budget their employer has allocated to them, will now be able to pick the benefits they want to buy based on what they think is best for them.
Where do they pick the benefits and do their enrollment? In a private, association marketplace. It is where their trade association has made available all of the benefits, carriers and plans their member employers can choose from to make available to their individual company employees. All with the help of a 21st century professional benefits advisor.
No employer has to choose what other employers choose. Each employer can pick different benefits – different carriers – and different plans. The employer picks benefits, carriers and plans to offer and sets his or her own budget. The employee picks which benefits, carrier and plan is best for them.
Employers have certainty and control of cost. Employees have choice and control of benefit selections.
So, the next time a broker wants to “quote” your business, politely tell them that era is over. “
Thanks to your association marketplace and working with a new type of professional benefits advisor, you are in control of the cost of your benefits program.