You’ve probably heard “quality over quantity” applied to many things. But it will never be as pertinent as when talking about choosing your clients’ benefits options.
Some employers have fallen into the “more is better” trap, overwhelming their employees with so many benefits options that they end up either not enrolling at all, or not being able to find the plans that are best for them. In fact, almost half (49%) of employees spend less than a half hour reviewing their benefits options; therefore, it’s important that benefits options are smart, comprehensive, and understandable.
As a broker, you can help employers put together targeted, practical plans that give employees flexibility to fit their needs while focusing on option quality, not quantity.
Here are tips for providing the best possible benefit options without overwhelming your clients.
Identify priority areas.
Each organization has unique employees with varying needs. Brokers need to discuss these needs with employers to create individualized offerings that target priority areas through ancillary benefits. Some examples:
The majority Millennial/Gen Z organization. Workforces made of Millennial and Gen Z generations will have different benefit priorities than older generations. While still in need of basic coverage, they also prioritize needs like:
- Student loan repayment
- Continuing education and professional development
- Telehealth
- Paid time off to volunteer
The urban-located organization. Employees who work in a major city are more likely to have high commuting costs, so a commuter benefits program would work well for them.
The high-stress environments. Some industries are known to cause employees a lot of stress. Those organizations may have priority areas like wellness programs, access to mental health care, and gym reimbursement programs.
Speak plain English
It’s difficult to make smart choices when employers and employees don’t understand their options. Benefits, especially healthcare, can be complex, complicated, and even intimidating sometimes. There are so many specific terms, subtle nuances, exclusions, and exceptions involved in plan details.
Present options in plain English whenever possible. This helps employers decide what options are best and gives employees a sense of control over their options since they will really understand what they are deciding.
Speaking in understandable language prevents people from making blind selections just for the sake of making a choice. This helps employers and employees both make smarter decisions.
Educate, not just offer
Your role as a broker is not to just offer options, but truly educate your clients on them. Making smarter benefits decision starts with having a complete understanding of what options are available and what will really work on an individual basis.
This requires a little more effort from you, but will make a big difference in your client relationships. Make sure you are communicating often with clients, not just around the time of open enrollment. Keep them updated on legislative changes, policy changes, and new offerings.
That way, you’ll be seen not just as someone who provides benefits, but as someone who provides guidance and expertise to make the benefits process better.
Sources:
https://www.shrm.org/learningandcareer/learning/webcasts/pages/0218heemskerkashford.aspx
