DIG Insurance & Business Magazine Summer 2018 | Page 29

EMPLOYEE BENEFITS Braving Employee Benefits It’s Easier Than You Think - First Focus On Your People And How They’ll Use And Choose Benefits H ow do you select the right employee benefits? If you feel overwhelmed by the process, you’re not alone. There’s a lot to navigate, from selecting the medical insurance carrier to understanding the technology. You want to give your employees the best benefits possible—and you want them to understand what they’re getting. You want enrollment to be seamless, and of course, there’s the cost piece to all of this. So, where do you begin? NAIL THE PROCESS Selecting the right employee benefits begins with finding the best medical insurance carrier, network of health care providers, and plans—all within the context of controlling expenses. Then, you can determine which supplemental plans to offer and how to allocate costs between the company and the employees. Lastly, there’s the job of actually delivering the proper benefit offerings to employees. The real question is, how do you navigate all of this? Our suggestion: Focus on Employee Benefit Communication and Open Enrollment Management. These are insurance terms that basically mean how you talk about the plan and how your people choose their coverage. The key to delivering maximum value to your employees is making sure they fully understand their benefits. This is possible through state-of-the-art communication technology, benefit administration tools, and a web-based educational portal. Technology will basically connect your people to the benefits they choose. But the technology isn’t enough. It must be supported by a knowledgeable team of insurance professionals. A balance is necessary. BY: CHRIS CARROLL, CBC VICE PRESIDENT - LIFE & HEALTH NAVIGATE THE TECHNOLOGY REALIZE THE VALUE Benefit communication and enrollment management are a blend of art and science. The art: employers must have a strong understanding of their employees’ needs. The science is building a system that supports the educational and implementation processes. To get the best of both worlds, you need cutting-edge technology backed by a dedicated team of support personnel. (Back to the balance.) We live in a high-cost, complex world of employee benefits. You deserve a customized experience with easy-to-use tools so your employees can understand and maximize the plan—and appreciate the benefits. Because, when employees are satisfied with their benefits, the company is maximizing the value for the premium contributions that are being expensed. Then premium expenses are no longer indirect expenses but rather investments in the health and well-being of your employees (and their families). At that point, your employee insurance becomes a true employee benefit plan. What does open enrollment management software do? It tracks the onboarding process through benefits elections, payroll deductions, benefit confirmations, and billing verifications. An efficient system is also the cornerstone of a successful compliance program by facilitating the implementation of Section 125 rules, COBRA programs, and health care reporting. Proper compliance naturally follows from a good informational foundation—the better the foundation and software tools, the more streamlined and efficient the task of compliance becomes. Ultimately, these are the details your knowledgeable Employee Benefits specialist handles on the back end to make using the system easy on the front end. Bottom line, the technology must feel comfortable to employees—they’ll be the ones navigating it. When seeking an Employee Benefits partner, be sure that the technology will work for your people. Ask your Employee Benefits partner to give you a lesson on using the technology so you can guide your people through the process. PUT YOUR PLAN TO WORK Coordinating employee benefits plans is no small task, but when systems are designed and managed correctly, you’ll have a more productive, healthier workforce. Good systems deliver tremendous value by: • facilitating benefit selection and implementation for employees, and • giving employers the reporting tools they need to better manage costs. Align with an insurance agency that recognizes the value of these functions and takes the time to help you build a communication and enrollment system that will meet your company’s goals and objectives. The whole process starts with a conversation about what matters to you and your people—and it can end with a robust Employee Benefits package that is user- friendly, relevant, and appreciated. + Chris Carroll has served as the Vice President of the Life and Health Department since 2006 and holds the CBC insurance designation. He has over 20 years experience with Deeley Insurance Group. He specializes in providing Health and Medical insurance solutions to companies of all sizes. He serves on the Producer Advisory Counsel for the Maryland Health Benefit Exchange, is a board member with the charitable organization Safe Waters of Maryland and actively works with area youth groups. Chris is an expert in Life Insurance, Health Insurance, Wellness and Medical Risk Management. He lives in Berlin, MD with his wife and daughter. 410-213-5537 • [email protected] 29