Three Traits to Look for in a Health Insurance Advisor (article)

Three Traits to Look for in a Health Insurance Advisor (article)

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Two years ago, the Affordable Care Act (ACA) was pretty well established and most employers with reasonably sound health benefit plans were meeting the necessary requirements. The general rule of thumb was that if an employer bought coverage through a major health carrier, they could usually be confident that coverage would meet the requirements.

Oh, how much has changed in just a couple of years!

It’s one thing for the ACA to mandate the amount of coverage that must be offered and to dictate how much an employer can charge its employees for the coverage, but it is an entirely different issue when it comes to reporting the required information to the Federal Government.

However, we are finding there are other pressing issues employers are facing that are even higher priorities than the ACA. One of the most pertinent issues is attracting and retaining high-caliber talent in a fluid employment market that demands high costs for hiring and training.

With these issues as background, it would be wise to rethink the traits you should look for in a health insurance advisor in today’s environment. Top priorities should include:

1. Tenure: Find an advisor who has been in business for a reasonably long time. This assures you that he or she has witnessed the changes in the industry and can relate to your business. At the same time, you’ll want a firm that employs an age-diverse group of consultants.

There’s no better way to understand what it takes to retain top talent than to have the input of different age demographics.

2. Vision: Find someone who can see the bigger picture while maintaining a realistic scope of vision. They should make room for flexibility in the long term while recognizing the issues that are of importance now. Having a vision for what motivates various segments of your workforce should be paramount, too. The advisor should be able to translate the diverse characteristics of your workforce into worthwhile benefit choices.

3. Communication: You want an advisor who can easily communicate complex issues in the simplest terms. The message to you, and especially the rest of your senior management staff, should be offered as “non-insurance talk.” Messages need to be delivered fairly, openly and honestly. Great care should be shown in any communication to you and your staff, regardless of individuals’ levels, ages, job titles and incomes.

In summary, you should take a smart, strategic and thoughtful approach to your benefits strategy. Seek an advisor and a package that meets your employees’ needs, helps you navigate the labyrinth that is the ACA and knows what really attracts and retains top talent. Make sure your advisor has the acumen to see shifts and advise accordingly. If you get even the slightest feeling of being underserved, there is an advisor tuned into your needs just waiting for you to invite them in to see you.

Three Traits to Look for in a Health Insurance Advisor (article)2016-09-28T16:57:00-05:00