In the U.S., over 30.7 million small businesses employ over 60 million people.
Unfortunately, these firms have not been immune to the rising health care costs. Not surprisingly, health care costs are a significant concern for these small business owners.
Many, though, have stuck with the same health insurance broker for years, thinking the relationship will shield them from some of the costs associated with their small business employee benefits. But that simply isn’t true.
If you’re wondering if it’s time to consider hiring a new health insurance broker in Texas, consider the following signs it is.
Top Signs It’s Time for a New Health Insurance Broker
The Focus is On Your Relationship
It’s tempting to be loyal to your health insurance broker because you’ve used them for years, but that could cost you money. Your friendship with your broker doesn’t equal cost savings. As a small business owner, even the smallest percentage of savings could keep your business thriving for years.
Your Employees Are Unsatisfied
To keep top-tier talent at your company, you must offer attractive benefits. While you might not be able to provide everything they want, a good health insurance broker will analyze your team to determine the best benefits to invest in. This might involve ongoing surveys or other additional services to keep up with your employees’ needs. An employee benefits broker should stay ahead of the curb and understand that benefits can make or break your competitiveness.
Your Benefits Have Never Been Updated
Another tell-tale sign that it’s time to consider a new insurance broker is that your benefits packages haven’t been updated for years. The industry is ever-evolving, and your benefits should update with your company no matter what business you’re in. A good health insurance broker knows this, and they should actively seek new benefits and avenues for better insurance packages. Even if you’re comfortable with your benefits as they are now, you could be missing out on significant savings that could improve your business.
Your Costs Increase & Benefits Stay The Same
While inflation really threatens all businesses, you should still get what you pay for. If you spend more on your benefits packages every year with little to no change in what your employees get, it could be time to consider hiring a new insurance broker. A new health insurance broker will analyze your existing insurance plan and give you appropriate recommendations for updating it.
Making The Right Decision For Your Business
As a health insurance broker in Texas, we understand that you have plenty of options available to you, and we also know why you’re loyal to your existing agent. If you’ve been with them for years, pulling yourself away from their recommendations can be challenging. However, you could be leaving untold savings on the table. There is no time like the present to understand your options better and build a more cost-effective employee insurance package.
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