Is your employee benefits broker managing risk or creating it?
Although new types of health plans have become increasingly popular, most brokers aren’t certified to vet these plans — let alone build and manage them.
Advising employers on alternative healthcare financing and procurement models requires a much higher degree of expertise, and brokers who “dabble” in this space are likely to put employers — and themselves — in some very precarious situations.
You need to work with certified experts who hold the highest designations in the risk mgmt industry.
These include the Certified Health Value Professional designation awarded by the Validation Institute and the Registered Employee Benefits Consultant designation awarded by the National Association of Benefits and Insurance Professionals NABIP.
This should be one of the first things you look for when selecting a benefits firm to work with.
What else?
Make sure they don’t accept compensation (commissions or bonuses) from health insurers — legally, this needs to be documented in their contract with you...you have a contract with them, don't you?
If you'd like to learn more, head on over to our website at www.health compassconsulting.com and download a free copy of our ultimate buyer's guide.
Or, message me on LinkedIn so we schedule a conversation.
How do you know if your employee benefits firm is an expert?
