The Consolidated Appropriations Act was signed into law in late 2020 and contained a provision that required health insurance brokers to disclose both direct and indirect compensation they receive. Unfortunately, the responsibility for obtaining the disclosure falls on the responsible plan fiduciary. Plan fiduciaries are required to understand the services provided and the corresponding compensation (both direct and indirect) paid to their service providers, along with identifying any conflicts of interest.
3 min read
Virtual Benefits Enrollment
The ability to enroll and administer employee benefits virtually has reached a record high with the impact of COVID-19. While virtual benefits fairs present many challenges, such as educating employees on their options and helping them sign up for benefits, it's important that companies have the proper tools available to ensure successful enrollment. By combining existing technology with a process to assist those more unsure or uneasy using technology you can develop a strategy that aligns with every segment of your employees.
3 min read
Most employers we encounter are offering some type of Employee paid benefits like Accident, Critical Illness, Disability, Hospital Indemnity, etc. These products are typically offered by an Insurance Carrier Representative or Enrollment Firm which causes a variety of problems during open enrollment.
4 min read
Specifically, does the broker fee agreement align with the success of your health insurance offering, and help you hold your costs down while allowing you to successfully attract and hire the people you need to grow your company?
2 min read
As a manufacturer, you likely have a procurement strategy for your raw material, overseen by a sourcing or supply chain manager who ensures efficient and effective use of that material, with the goal of increasing or at a minimum maintaining your profit margins.