By Trüpp’s Benefits Outsourcing Team
All employers want to ensure their benefits dollars are invested wisely and that employees can easily understand and use their benefits. While cost may be the primary consideration, there are additional factors that go into choosing the best benefit carrier for your organization.
Technology is always changing and improving. Be cautious of carriers who provide an outdated employee experience that is difficult to use. Employees are more likely to avoid using outdated technology than to struggle through it. Many providers offer great online tools and apps that enhance the user experience, enabling employees to make the most of their benefit options. When researching providers, ask for a demo of what the employee will see and how they will be expected to use the tools.
Add-ons and supplemental resources
Benefits providers sometimes offer add-on products like enabling employees to schedule virtual appointments as an alternative to office visits. In addition to the convenience, employees take less time off from their normal workday. Additional offerings might include:
Availability of support
Member and customer support are important considerations for choosing a benefit carrier. Some will offer phone, email, chat, etc. so that employees have multiple ways to receive assistance when they have benefits questions.
Understand the election requirements
Some benefits like FSA, voluntary life, and supplemental insurance have complicated enrollment processes that include required actions by the employee and the employer. Make sure you know the process your employees will have to go through and the required timelines to elect and get enrolled in these benefits.
When comparing benefit carriers, consider the hidden costs that may not show up on the ledger line. The costs associated with a complex and prolonged open enrollment process, time and effort spent going back and forth with the carrier, and loss of employees due to a benefits package that doesn’t meet the needs of your demographic, all have a significant impact on your bottom line. Selecting the right benefit carrier will provide considerable savings for your organization in the long run.