FAQs

Make sure there's a good service model behind your broker. All too often, a licensed broker sells you on his agency, and then a non-licensed individual tries to service your account. Not having a qualified benefits consultant can have a detrimental impact on your employee benefits and your business.

Healthcare regulations are frequently changing. Make sure your Controller or Human Resource manager receives proactive support and can reach out with questions. It is essential to have someone who is accessible. People might not even know the right questions to ask. Often a phone conversation is needed to help clear up any confusion. 

Lastly, a significant thing to watch out for is the promise of one-stop-shop and all-in-one technology. Software like health care legislation is changing frequently. Software is only as good as the people managing the data. You'll need an independent expert to assist your company change with the market and regulations as appropriate. 

Generally, you don't pay your broker directly. Regardless, your broker should support your organization throughout the year. Most brokers are compensated per participant per month fee. As a result, most brokerage focus only on large businesses. Troy Benefits Consulting is the exact opposite. We focus only on companies that employ less than 500 employees.  

You can choose a new broker at any time as long as it is not too close to your annual renewal date. Changing brokers is as simple as signing a letter. A newly appointed broker will receive all the information from your insurance carrier(s) to manage your benefits effectively.

Employers in very competitive industries such as technology and life sciences, are inadvertently leaving gaps in the employee benefits program. These gaps can have a significant impact on the financial security and well-being of their workforce. Unfortunately, they don’t realize the gaps until an employee experiences and an issue and it’s too late to correct the gap for that employee. It can be critical to have someone provide a second opinion with a detailed benefit and financial plan analysis.

Most companies and employees are overpaying for health insurance. The number one challenge that clients face is not having a broker who plays a crucial role in critically analyzing their employee benefits program and providing a thorough search of the market. Large brokerages often outsource annual market search for benefits leading to a lack of critical analysis and potential overspending. For instance, in the past year, many employers have uncovered significant savings by switching from a PPO to an EPO plan. This strategic move not only saved them approximately 11% but also provided the same access to extensive networks of physicians and facilities. 

Many employers don't have a dedicated Human Resources Representative. They need support on personnel issues. The absence of HR support can leave employers unprepared to navigate difficult personnel situations, such as terminating an employee. Having an established professional relationship with a small team of people who have demonstrated good judgement is vital. Troy Benefits Consulting can assist with HR issue as a function of the being the employee benefits broker.