Understanding and managing employee benefits can be very difficult and time consuming for employers. Finding benefit plans that meet the employees’ needs can be a tough task for employers that may not have great knowledge on employee benefits.
Employee benefit consulting firms know the ins and outs of group insurance, which helps companies maximize benefits and minimize costs. By utilizing benefit consulting services, employers are able to focus on their business and reduce the stress of finding and managing employee benefits.
What Is An Employee Benefits Consulting Firm?
An employee benefits consulting firm assists businesses to research, establish, and manage employee benefit packages. Employee benefit consultants have extensive knowledge and experience in dealing with various types of employee benefits, such as Health Insurance, level funded, self funded, health reimbursement accounts (HRAs), health savings accounts (HSAs), and flexible spending accounts (FSAs). This extensive knowledge translates to a competitive employee benefits package that will help retain and attract employees at a cost-effective rate.
The Department of Labor (DOL) and Internal Revenue Service (IRS) make changes to their laws and regulations periodically, which can lead to confusion and uncertainty for business owners. Employee benefits consultants have immense knowledge on compliance requirements and their changes, which allows them to help employers avoid hefty penalties and fines.
Advantages Of Working With A Benefits Consultant
When using an employee benefits consulting firm, employer and employee satisfaction rates are increased because of the reduced workload and maximized benefits. There are plenty of advantages of working with an employee benefit consulting firm, as outlined below:
Establishing A Competitive Benefits Package
- Advising what types of benefits are necessary and competitive with other businesses in the industry in order to retain and attract top talent
- Narrowing out the available benefit options that works best for the organization and employees
- Finding which benefits have the best tax advantages for the company
- Ensuring compliance with laws and regulations to avoid penalties and fines
Managing The Benefits Package
- Assisting with completing compliance documents and filings
- Offering technology platforms that allow employees to enroll in benefits easily and independently
- Helping employees with Open Enrollment and giving them the information they need to enroll in the correct benefits package
- Providing support throughout the year to ensure that the benefits are being maximized
Evaluating Benefits Performance
- Collect data on how individuals used coverage in the prior year to customize a package that works best for the business
- Using the company’s insurance claims throughout the year to negotiate premiums at renewal
- Practice benchmarking to identify areas of improvement and to remain competitive in the industry
Using an employee benefits consulting firm holds many benefits to a business. Employee benefit consultants are able to provide expert advice, assist with compliance requirements, and manage benefit changes throughout the year.
Employee benefits can be very confusing and complex, which is why employee benefit consultants take the time to work with employees to communicate benefit options through webinars, newsletters, and in-person meetings at Open Enrollment and throughout the year to ensure appropriate benefit enrollments and maximized usage.
Employee benefit consulting firms find plans from various carriers that minimize insurance premiums and maximize coverage. Since employee benefit consultants do not work for specific insurance carriers, their only preference is to get a business the best coverage that fits the company’s needs.
Contact Professional Employee Benefits Consultants
Using an employee benefits consultant is a necessity for businesses to maximize their employee benefits packages. Reach out to the professional employee benefits consultants at New City Insurance today to learn more about how we can provide the best insurance solutions for your business. At New City Insurance, we offer various services that allow you to keep a competitive employee benefits package compared to other businesses in your industry. Call New City Insurance today.