More For less
In Group Benefits clients frequently tell advisors “I want to get more for less.” However, the reality in life is that you almost always get what you pay for. And often you will not get what you expected. That is when the true cost becomes apparent.
When it comes to Group Benefits, many clients have been led to believe the lowest price on the spreadsheet is the only cost to consider. Honestly, this is not the case.
There is More to Consider
Experienced plan administrators and clients know there is a lot more to consider.
Based on actual client feedback, here is a light-hearted (but honest) summary of how you can get “more for less” with traditional, experience-based Group Benefits plans.
You can get to:
- Spend more time each year with your Insurance Advisor to negotiate rates, complete and submit quoting information, review prices, coverage, and features for a product you already have.
- Learn new forms and new online systems.
- Have your staff repeatedly point out the small differences in how the new plan is not exactly the same as the old one.
- Experience lost productivity through the change-over process (industry estimates place this cost at approx. 10% of the annual premium).
- Usually, figure out how to deal with the large rate increase at renewal as a result of the undisclosed introductory pricing you were most likely provided when you started your experience-based plan.
- Experience feedback from your staff when you need to make a significant increase in their benefits payroll deductions in order to keep the level of benefits the same or when you have to reduce benefits in order to keep the payroll deductions similar.
Looking for a better way to do benefits?
Therefore, you may want to consider a Pooled Group Benefits plan. That is if reasonably predictable pricing is important to you for your business.
Do you wonder how COVID-19 effects our Group Benefits? Click here to read our COVID-19 update.
Clear Benefits is a Group Benefits Provider that will develop, distribute, manage, and service Pooled Group Benefits programs. We work with businesses that have 3 – 50+ staff.
Visit us at ClearBenefits.ca or contact your Group Benefits advisor for more information on our Pooled Group Benefits products.