Benefits Broker

A Benefits Broker, otherwise called an employee’s benefit consultant or an insurance broker, is a professional who guides employers on how to design, choose, and manage employee benefit packages in which health insurance, retirement plans, disability coverage and other fringe benefits are included. Benefits brokers work as agents between the employers and insurance companies, they use their expertise in the process of formulation of the favorable terms; comparison of the options; and the creation of the benefit packages that fully satisfy the specific needs and tastes of employers and their employees. Benefits brokers are key players in employer talent acquisition and retention, employee benefits regulations management, and the return on investment in employee benefits.

Example of Benefits Broker:

For instance, a small business might contract with a benefits broker to select and implement a plan that best suits the health care needs of its employees. The benefits broker performs this step by carrying through a complete analysis of the company's requirements, budgetary limitations, and employee profile in order to offer the best insurance choices from various carriers. The agent assists in comparing different coverage plans, premiums, deductibles, and providers' networks to find the best value plan that suits both the employer and employees. The additional services provided by the benefits broker are employee enrollment, plan communications, and ongoing administration, which makes him a trusted advisor and resource for the complicated employee benefits environment. Through a partnership with a benefits broker, businesses can have access of an expert advice and assistance to confirm that their employee benefits programs are in accordance with their business objectives and to the employee’s preferences.