How can you, as a small business owner in the Chicago area, keep expenses under control and still provide the best employee health insurance for a more reasonable price? The choices are mind-boggling and the costs seem to only go up.
You most likely rely on your insurance broker to do the homework. You count on your agent to be the expert and help you decipher what it all means. What plan will work best for your company? Is there an affordable plan that allows you to keep the current level of benefits? New products are offered all the time, and rarely do the costs decrease.
Is your insurance broker keeping up with the flurry of changes happening in the insurance marketplace? Is your broker actively looking for ways to reduce costs for your employee health insurance? Insurance plans change, coverage changes and prices change. But not all agents are paying attention.
Savvy agents put in the time and effort to unearth those hidden gems of coverage-and-costs that—despite the roller coaster ride in the insurance marketplace—actually provide proper employee health insurance coverage at the same rates, or possibly even at lower rates. For example, at Bradish, we were very pleased to discover one such gem for businesses that want to keep Blue Cross Blue Shield as their insurance provider, with the same coverage and provider network, but at lower costs.
In the complicated mix of health plans, it’s easy to miss new plans or changes that can benefit employees. That’s sad news for businesses whose brokers are operating on cruise control. Or for those whose long-time agents have retired, leaving unfamiliar, less helpful replacements in their wake. Who’s doing the homework? Maybe the sound of crickets chirping is all you hear when you need help answering your questions.
It’s important for your broker to keep up with the insurance industry and its many products. Employee health insurance plans change, coverage changes and prices change. But not all brokers are paying attention. Is yours? If not, it might be time to find a new agent.
by Jordan Bradish