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Where and how do I get my employees benefits?
I operate a relatively small business. Lately, I've been getting asked about employee benefits. I don't want to lose any of my key contributors, but I have no idea how to get benefits for my team. How expensive is paying benefits for my top 3 guys and where is the best place to find useful information?
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2 Answers
Dale, First off great question. Do you have any friends that have gone through the same issue here lately? They will be able to tell you where to go and how to talk to. I am in the business of helping people find good local employee benefit advisors. I suggest you talk to the people in who have just been through that. Second, I would suggest getting someone that acts more like an advisor than a broker. Brokers you will only see once a year, at renewal. Advisors act like your right hand man when it comes to help. Advisors are the only way to go. Third, when you find an advisor, make sure they know about all of your wishes when it comes to your plan for benefits.
I hope I have helped. It can be very cumbersome. Don't sweat the time, trust me it is worth every minute when you can provide a great service to your employees!
Feel free to ask me any questions as well. I am here to help.
Brian Halbert
Dale, your thinking is exactly right. Benefits serve as an excellent tool for retaining the best talent. I'm assuming you want to at least offer health and dental coverage. Working with a local benefits advisor firm or a broker/consultant is the best place to start. I, too, would recommend asking other small business owners you know who offer benefits to their employees who did they use and how was the service. Even if you get good responses from them, just as you would for any other major purchase, interview at least 3 of them. Have them come in to describe their service model. Explain to them what your goals are and what your budget is. These firms do not (should not) charge a fee for finding you the best offerings for your needs. They are compensated by the insurance carrier you select. Most of the major players in insurance now offer small business coverage at fairly reasonable rates (CIGNA, UnitedHealthcare, Blue Cross, and Aetna) so these should be among the proposals you receive for coverage.
You can also find firms that provide ongoing fee-based administrative services to minimize the amount of time you would have to dedicate to dealing with benefits if you don't have someone on board who can appropriately handle the ongoing tasks.
Final point, you mentioned "paying benefits for my top 3 guys". Benefit plans are highly regulated. Once you decide to offer benefits, you must comply with a number of federal anti-discrimination laws and regulations regarding health plans. Unless these are your only 3 employees and everyone else is otherwise classified, you will not be able to only provide coverage for the top 3 guys.
Good luck! It seems like a lot to work through but benefits sometimes rank higher than compensation in terms of value to an employee. It is worthwhile work.
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