The insurance marketplace undergoes constant changes – meaning your benefits broker plays an essential role in your small businesses. Brokers serve as educators and advisors to your business’ benefits program. It is their job to keep you informed.

Ask yourself the following questions to learn what your benefits broker should be doing for your business:

1. How knowledgeable is your broker? Here’s how to ensure a broker really understands the world of benefits and insurance.

Healthcare options can be (at times) confusing. Your broker should give you the ability to understand the details of the plans available for your business. Plus, they should explain how those plans align with the goals of your business.

A broker should be able to discuss the difference between HRAs, reimbursement plans, COBRA, the Affordable Care Act, to include the pros and cons behind each of those, and more. If you find your broker cannot provide you with the information you need, it’s time to invest your resources elsewhere. Companies like Decisely have licensed brokers and customized healthcare plans to provide the most up to date information as well as custom plans for your business. All in all, a dedicated broker will know the right coverage to benefit you and your employees the most.

2. What does your benefits broker actually do for you? How to find the right strategic partner for your business.

As referenced in the previous point, you shouldn’t have to be the expert on benefits and insurance. Your broker should. Not only should they be credible, but they should also be able to guide you through every step of picking a plan. They need to be a partner to your business, with an understanding of the ever changing requirements to guarantee a seamless setup for anything from onboarding new hires to data management.

3. Is your broker legit? How to verify your broker’s qualifications.

This may seem like a fairly obvious point, but it is a good question to ask. No one wants a broker that doesn’t truly care about who they are assisting because they weren’t trained effectively. The plans that your broker helps you choose trickle down to your current and potential employees.

In order to build a positive relationship with your broker, they need to be willing to understand your goals, needs, and even the various positions that your company has or will be hiring for. You should feel comfortable viewing your broker as a teammate and they should act as such, too. In order to build this kind of strategic partnership, verify your broker’s license and ask around for recommendations and feedback from sources that you trust. A proper state license demonstrates that your broker was trained, educated, and certified to transact business.

4. Is your broker available? How to create an open channel of communication.

Open enrollment is not the only time to speak with your broker. Again, they need to be operating as the experts on all things benefits. If your benefits broker isn’t reaching out to you to discuss the needs of your business, the possibility of changing plans, or providing updates to information on healthcare reform, then they are not the best fit for you and your team. The simplest way to establish communication with your broker is to set up check-in points throughout different times in the year. Whether that’s once a month, or once a quarter – the amount needs to be right for you.

At Decisley, we offer numerous ways for our clients to get in touch – chat, email, phone – our licensed team is available for you and your employees. Make sure your broker is available when you need them.

5. Is your broker compliant? Here’s how to make sure.

As previously mentioned, changes in healthcare tend to be quick and can even be unexpected. It is crucial to have a broker that will help steer you in the right direction to ensure the best practices for your small business. For both federal and state laws, your broker needs to ensure that everything is falling within the legal standards. From HSAs to enrollment deadlines, you should never have to turn to attorneys or other resources in the legal industry – your broker should be able to answer any and all of your questions when it comes to these kinds of regulations.

All in all, you want a broker that is not only helpful, but also cares about the outcome of your business and the wellness of you and your employees. With the right broker, you can remain informed and up to date so that your business can continue to run efficiently.