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Your Bank > Education and Advice > CNB University

The Benefits of Having a Benefits Broker

Erick B. Bond, Bond Financial Network

With healthcare offerings becoming more expensive, and more challenging to administer, it makes sense to take a step back and consider what you offer to your employees, and why.

As any successful business owner knows, you can’t expect to do what’s always been done and get ahead. You need to examine your practices and set goals.

Most savvy businesses have two goals in offering benefits. First, businesses want to attract and retain the best employees. Second, they want to contribute to their bottom line by using health benefits to contribute to a culture of health and productivity. And of course, they want to accomplish both goals with as little administrative hassle as possible.

So where does a benefits broker come in? They work with you to make sure you can accomplish both goals, while reducing your administrative burden.

When it comes to creating a benefits plan to attract and retain employees, it is important to work with a broker who understands your company. Knowing what your employees want and expect from their benefits plan helps to design a program that is affordable for both you and your employees, while providing the right level of protection for all your employees.

The second goal can be a bit more complex. You can gain tremendous value by using benefits to direct your employees’ goals and actions, improving your company’s productivity and also bottom line. It is important to remain sensitive to the needs and abilities of your employees. Two tools that can help you start down this path are High Deductible Health Plans and Wellness Programs.

A High Deductible Plan, or HDHP, can be used to encourage people to be responsible for their health. Providing employees with tools to shop around for the best value in healthcare and giving them a financial incentive to do so, you can inspire them to take action to stay healthy. At the same time, a wellness program can help employees learn exactly how healthy they are, and what they can do to improve their health.

Healthy people spend less time away from work, and are more productive when they are on the job. In our economy, where it is important to squeeze every ounce of productivity from the limited staff you have available, it makes sense to provide employees with tools and incentives to improve their health and your productivity.

But how to do all this without increasing the load on already overtaxed HR staff? That’s where a benefits broker can really assist. Beyond just providing you with solutions, they take the time to educate your staff and your employees on the best way to use their benefit programs. They can also take over the burden of day to day administrative duties like adding and terming employees, billing reconciliation, and COBRA administration.

Most importantly, they provide and advocate for you and your employees. When you or your employees experience an error in billing or claims, you can turn to your benefits broker. They will work to deal with the insurance company for you.

Make sure you are getting the most bang for your benefit buck. Examine your healthcare program to make sure it is aligned with your corporate goals and your employees’ needs.

CNB has partnered with Bond Financial Network, one of Rochester’s top group benefits brokers, contact your CNB relationship manager to learn more at (585) 394-4260.