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Expect More Than Simple Cost Shifting Strategies From Your Broker

The simple phrase "you don't know what you don't know" truly speaks to the world of Human Resources and Finance today.

Juggling various business functions, service providers and responsibilities, employers aren't always aware of what they should be anticipating from their brokers. Here at OneDigital, our benefits consultants approach employer benefit strategies holistically – it's one of the core differences between our approach and others in the industry. Employee benefits don't stand alone but are an integral piece of the puzzle that employers must address when competing for talent, "How do we create an environment so that we are the place people working in our industry want to be."

As it relates to health insurance and employee benefits, what should your expectations be for your broker in 2024? With changing regulations, stringent compliance requirements, technological advancements including AI, and creative cost reduction strategies, the expectation for greater involvement and better service from health insurance brokers has increased. However, because employers aren't always aware of what these new innovations or strategies might look like, below is a quick list highlighting our approach to a holistic benefits strategy:

Employer Communications

  • A recap meeting to discuss 2023 open enrollment and renewal - How did it go, what could have been improved, etc.
  • A Dashboard/timeline highlighting important dates throughout the year regarding compliance, special project rollouts, and ongoing strategy meetings to evaluate and adjust goals and expectations.
  • Monthly underwriting reports illustrating employee utilization of healthcare and experience.
  • Three to five-year projected cost analysis and considerations for partially self-funding alternatives.
  • Monthly webinars and email updates regarding the Department of Labor, IRS and other compliance-related issues.
  • Benchmarking data to compare and contrast where/how you rank with competitors in your industry, state or nationwide.
    • Are you paying/offering too little or too much? How does this fit into your overall business plan presently and in the future?

Employee Communications

  • Online benefit administration platform options for employees to access in a convenient way. Do you have technological constraints, or is English as a second language something to consider? There are creative ideas for both.
  • Employee Benefit statements show the monetary value they are receiving and highlight the generous contributions you, as an employer, are providing.
  • Monthly employee communication materials raise awareness of various benefits you provide, highlighting their value and encouraging further utilization and appreciation. Studies have shown that even when employers offer less than rich benefits, increased and effective communications actually result in a greater perception of benefit offerings and employee appreciation.
  • Monthly employee communications on wellness, nutrition or other holistic health topics to educate your employees.
  • If a wellness plan is in place, weekly or monthly communication pieces highlighting the wellness plan, incentives or education materials to increase excitement and utilization.

Cost Reduction Strategies

Additional services

  • Is COBRA administration a pain point for you? OneDigital offers solutions that you may want to consider.
  • Does your broker provide turn-key Leave of Absence Management services?
  • Does your broker provide additional software platforms that help HR functions like time and attendance, onboarding, or FMLA administration?
  • Does your broker provide 24/7 support for employees having claims issues or needing assistance with their health insurance?
  • Does your broker provide additional HR support by providing services designed to answer any and all HR-related questions or provide services like sexual harassment training videos for managers required in some states?

We approach the services above with a particular focus on lowering costs, simplifying benefits administration, and increasing employee awareness and engagement. We strive to continually provide a holistic approach designed to transform the benefits experience for your organization and your employees.

Looking to learn more about healthcare, pharmacy and workforce optimization? Download OneDigital’s Cost Containment Playbook.