A benefits consultant is a professional who is highly knowledgeable about employee benefits like health insurance and retirement plans. This type of worker can sometimes specialize in a specific kind of benefit and offer advice on the selection, purchase, and administration of benefits. Benefits consultants use their experience to help businesses amass the most comprehensive, diverse, and competitive benefits packages to draw in and retain employees. They also typically assist clients with compliance, paperwork, and annual renewals.
Many benefits consultants earn commissions for their work and operate autonomously from insurance providers and benefits organizations. This separation of responsibilities helps ensure consultants are basing themselves on their clients’ best interests to provide recommendations of benefits packages. Additional services like administration of benefits plans, compliance, and paperwork are also frequently provided for a percentage of the value of the total benefits package or a fee of some sort.
What Does a Benefits Consultant Do?
A benefits consultant offers a wide variety of services for both individuals and organizations that can significantly help businesses save time and money, all while ensuring that employers are offering their employees the benefits packages that represent the best options for both the business and its workers. These solutions are divided into two categories: choosing benefits and implementing benefits.
Assisting With Benefits Packages
To determine what type(s) of benefits packages employers should provide their employees, benefits consultants can also inform businesses about what benefits other companies in the industry or geographic area offer. Consultants can also survey employees to determine what benefits they consider most important.
Regarding the administration of benefits, consultants can also offer an estimate of the cost of renewing a plan or for proposed changes to a benefits package.
Additionally, a benefits consultant can provide guidance to employers on how to lower the cost of employee benefits packages (including health insurance plans) and advise businesses on workplace-related issues like sexual harassment and discrimination.
Selecting a Benefits Consultant
Hiring an experienced benefits consultant is the first crucial step toward ensuring that an organization is offering its employees the best possible benefits package, as well as an adequate amount of support regarding benefits administration.
Firm With Experience
There are several factors to consider before choosing a benefits consultant or consulting firm. First, the consultant or firm in question should be experienced in the type of benefits you plan to offer. For example, if you are a business owner considering the possibility of giving your employees health insurance, you should select a benefits consultant or consulting firm that is knowledgeable about the Affordable Care Act and what it dictates for an organization of your size. A proper consulting firm also usually has strong connections with several companies and insurance providers.
Knowledge of Laws & Regulations
Experienced benefits consultants should also have in-depth knowledge of all federal or state laws and regulations regarding each type of benefit, including how to properly report these benefits to the IRS. They should also know the rules regarding group medical insurance plans. A consultant who comprehends the tax implications of various benefits can help significantly reduce your organization’s taxes by advising you to consider options that will maximize your deductions.
A professional benefits consulting firm should also use advanced technological tools to simplify and streamline the process of choosing and administering a benefits package. This can not only help reduce paperwork that contains an overwhelmingly large amount of information, but it can also save businesses time and money.
Finally, a proper benefits consulting firm boasts enough employees to extend assistance to its clients year-round, not simply when the time comes to renew a plan.
Speak to a Benefits Consultant at BenefitCorp
Speak to the experienced benefits consultants at BenefitCorp to learn more about what types of benefits you can and should offer your employees. BenefitCorp is based in both Denver and Dallas and was founded in 1995 by an ER trauma nurse who was tired of seeing people who lacked proper medical coverage.
BenefitCorp provides individuals, families, and organizations with advice on insurance, payroll, human resources, and retirement plans. It also offers employers and employees an all-encompassing online portal that includes information about benefits, payroll, HR, compliance, and risk management. This portal includes reports and helps facilitate communication between employers and employees, no matter how far they are from each other geographically. Employees can also easily view and change their benefits through this portal.
Finally, BenefitCorp offers employees a program called RediCare VIP that include no co-pays or deductibles. RediCare VIP provides beneficiaries with priority access to a wide variety of services — including urgent care 24/7 and a Telemedicine Service — at all participating locations and does not require appointments. Be sure to call BenefitCorp or contact them online to schedule a consultation.