Is Your Broker Backing Up Their Words With Actions?

Brokers often win clients by making promises, but are they actually following through on those promises? It’s easy for advisors to say, “We’ll lower your costs!” or “We’ve got the perfect plan for your team!” But what happens when the rubber meets the road?

Too often, employers are left dealing with the same old issues: rising insurance costs and declining benefits. Why? Because words are easy, but actions are hard. Brokers know what to say to win your business, but execution requires real work, attention to detail, and—most importantly—a solid strategy.

Many employers find themselves jumping from one fully insured carrier to another without ever actually solving the problem of rising health plan costs. Deductibles and employee contributions continue to increase, and shopping for different carriers never seems to provide a long-term solution.

Brokers may try to sell specific strategies to employers without truly knowing if those strategies are a good fit. And when the wrong approach is implemented, both the employees and the company's bottom line suffer. While self-insured health plans can be an effective way to control costs, it is not the right choice for every employer. A negative experience with a particular solution can leave you hesitant to consider it again.

How can you avoid falling into this trap?

Before you sign with a new broker, it’s important to make sure they will back up their words with actions. It’s not about being skeptical; it’s about being smart. Ask your broker to provide quotes that demonstrate how their plan will work for your specific situation. They should back up their promises with numbers. Show me the data. Show me the plan. Let’s see those solutions in black and white before we go any further.

Your decision should be based on numbers that make sense for your company and your employees. Whether it’s staying fully insured, implementing an HRA, or moving to a self-funded plan, you need to know before you move forward.

This is where our 9-Slot Analysis comes in. It’s a comprehensive look at the spectrum of plan options available to you so you’re not shooting in the dark. There’s no one-size-fits-all here. What works for one employer might not work for another. The key is to know your options—and their real costs—before you make a move.

Our analysis helps employers understand the spectrum of available financing options, including:

• Health Reimbursement Arrangements (HRAs)

• Level-Funded Plans

• Partial Self-Insurance

• Captive Insurance Programs

By considering all these options, employers can make informed decisions and choose the best program for their unique circumstances. You want to find the strategy that aligns with your company's specific goals and needs.

Don't Settle for Less

You deserve a broker who will work tirelessly to help you achieve your goals. Don't settle for empty promises. Hold your broker accountable and demand action. You should feel confident about your health insurance strategy. When your broker shows you the numbers and backs up their words with concrete solutions, you can make an informed decision that works for you. It’s not about guessing or hoping for the best; it’s about being equipped with the right data to take the right action.

A commitment to finding the right solution, rather than pushing a specific strategy, are essential components of a successful partnership. By working with a broker who prioritizes your needs, you can gain control over your health plan costs and create a better future for your company and your employees.

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