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Is your broker lazy? 5 questions to weed out slackers

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in Employee Benefits Program,Human Resources

You don’t have the time or expertise to shop for benefits plans and analyze them all. That’s why you hire a health benefits broker to sort out the best plans at the best prices.

But some brokers do little more each year than quote the same insurers with higher costs, deductibles and co-pays. Some don’t help you evaluate vendors and benchmark costs.

Those issues are bigger concerns than ever to CEOs, who are becoming more involved in the final stages of choosing benefits plans.

Benefits brokers usually charge commissions of anywhere from 3% to 5%. But it’s not wise to choose a broker based on commission rates alone; good and bad service comes at all points in that range.

Here are some issues to consider when selecting the right broker:

  • Think of benefits brokers as consultants, and choose one with that same care you would put into selecting an accounting or law firm. Tip: Ask for references from companies w...(register to read more)

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