3 QUESTIONS TO ASK YOUR BROKER AT RENEWAL

3 Questions To Ask Your Broker at Renewal

Your annual employee benefits renewal is a key moment for your business – it’s an opportunity to look deeply into whether your benefits plan still “fits” your business. Whether you’re trying to control costs, improve coverage, or adapt to a growing team, the conversation with your broker is critical.

Here are three must-ask questions to guide that conversation:

1. How does my benefits plan help lower claims costs?

Claims costs are the primary factor driving the price of your benefits plan. A good broker should help you manage and reduce those costs – through solutions like drug plans that cap expenses, disability management services, and early intervention programs. If your broker isn’t proactively offering these strategies, your plan is probably costing you more than it should.

2. Are we managing the financial risks of our plan effectively?

An employee benefits plan is a complex financial transaction. Your broker should help you understand the risks, tax implications, and trade-offs between plan costs and coverage options. If your broker hasn’t explained how these financial decisions impact your business, your plan and your bottom line, could be at risk.

3. How should my benefits plan evolve with my business?

Your business changes every year. So should your benefits plan. If your broker is simply asking, “Same as last year?”, that’s a red flag. They should be bringing you new options, better coverage solutions, and insights on how your plan can better serve your evolving workforce.

Better Advice = Better Benefits

GroupHEALTH uses an exclusive Advisor Partner network to help Canadian businesses find better benefits – not only at purchase, but at renewal, too. Click the button below to request a no obligation 10 minute conversation with GroupHEALTH today.