Managing employee benefits can be a complex and time-consuming task that involves many important decisions impacting the health and happiness of workers. To help ensure that benefits are administered properly, many businesses turn to an employee benefits advisor.
An employee benefits advisor is responsible for helping employers create a competitive benefits package, negotiating renewal rates with carriers, and administering changes throughout the plan year.
Employee benefit advisors have experience with custom plan designs, resources to implement technology for employee benefit management, and extensive knowledge on relevant laws and compliance requirements. An experienced employee benefits advisor can be a significant asset to businesses of all sizes and industries.
What Is An Employee Benefits Advisor?
An employee benefits advisor helps businesses research, procure, implement, and manage benefits packages to help companies reach their long term goals. Advisors may work independently or as part of a team to advise employers about available benefits, costs, and carriers that align with the company’s needs.
Employee benefits advisors are highly knowledgeable about all types of benefits, such as health insurance, life insurance, and retirement plans. Successful benefit advisors help businesses with custom plan designs, negotiating renewal rates with insurance carriers, and helping with error prevention through implementing technology.
How Can An Employee Benefit Advisor Contribute To A Business?
Some businesses are hesitant to work with an employee benefits advisor, but most find that this partnership is well worth the investment. Advisors develop personal relationships with their clients to ensure that they receive expert advice and services when they need it most. There are several things that an employee benefits advisor can help with, including the following:
Custom Plan Designs
Businesses often find that the typical insurer does not provide advice or benefits education outside the basic design and performance of the plan. Employee benefits advisors play a critical role in helping businesses better understand what they need to do to keep employees happy, while also managing the plan from an administrative standpoint.
Experienced advisors are proactive in identifying the unique needs of businesses and have the knowledge and resources needed to offer viable solutions.
Carrier Renewal Negotiations
One of the top reasons to have an employee benefits advisor onboard is to avoid common pitfalls when administering employee benefits. Advisors will assist with introducing proven processes designed to prevent errors and the consequences that these mistakes can have on workers and the business as a whole.
An area where an advisor can be quite useful pertains to eligibility. Any employee that is eligible to participate in a benefits plan should do so to prevent potential liabilities. An employee benefits advisor can help ensure that all eligible employees receive coverage and that the appropriate start or end dates are documented for employees who go on leave, change status, or are terminated.
Employee benefits advisors also assist businesses with claims issues. It is not uncommon for employees to become frustrated when a health insurance claim or other claim is not promptly paid. When a business hires an employee benefits advisor, they can trust their advisor to investigate the cause of this error, allowing administrative staff to focus on core tasks.
In some cases, a business may struggle with managing complex claims, such as specialty drug prescriptions or international claims. Claims relating to life insurance and disability insurance can create emotional struggles. These are situations that an employee benefits advisor can handle with expertise and professionalism.
Employee benefits advisors can help in other areas aside from benefits education and error prevention. They can also help businesses when terminating employees. Employee terminations can be complicated and may put companies at risk for lawsuits and other liabilities.
Although businesses have the right to terminate employees, certain guidelines must be followed. This is especially true when a terminated employee has a pending disability claim or other complaint related to a violation of their human rights.
It can be difficult for employers to keep up with ever-changing benefits laws. Employee benefits advisors are well-versed in employee benefits laws, including laws that protect new parents. If a business makes an error in regard to parental leave laws, they could be found liable for damages.
An employee benefits advisor can help protect employees on parental leave, assist businesses with onboarding employees when they return to work, and provide advice on complying with regulations relating to benefits while employees are on leave.
Schedule a Consultation with New City Insurance
Today, more businesses are making the wise decision to hire an employee benefits advisor to assist with designing and managing their employee benefits plans. Employee benefits advisors know what employees prefer in terms of benefits and can help build and implement a benefits package that is within the company’s budget while exceeding expectations. To learn more about the many services offered by employee benefits advisors or to request a consultation with an experienced employee benefits consulting firm, contact New City Insurance.