- Is there a story behind "Five Star Service"?
- Why would a company want to use a professional to assist them with employee benefits?
- What exactly does an employee benefits broker do?
- What is the process involved in developing a plan for individual clients?
- Is our work done after the client chooses a plan?
- What can we do for a company that is happy with their benefits?
- Why is offering a complete benefits package so important?
- How can Gene Meyer Insurance assist clients when companies change their benefits?
A. We know that the finest hotels and restaurants are labeled a five-star rating by travel guides and other publications. Earning this top rating requires a commitment by providing the highest level of service possible. Every detail is thought of and taken care of.
Gene Meyer Insurance clients receive five-star service, but they don't have to pay extra for it! All of their needs are thought of from surveying the market in order to find the best negotiated deal and handling all the paperwork for easier plan implementation. It truly is the experience, advice, and service that count!
A. Today, companies are finding that it takes more than just offering higher salaries to retain top employees. Money is no longer the sole motivating factor for staying with an organization. Employees are seeking more intangible forms of reward, such as flexible work hours, financial assistance and a variety of other personal benefits. If these rewards are missing, the chances are greater than ever that employees will seek them elsewhere. The trend is going more toward offering a total benefits package that better matches the employee's needs. This is where an employee benefit broker steps in.
A. Group Insurance should be a reflection of each organization's individual philosophy and corporate goals. Therefore, Gene Meyer Insurance helps companies develop a benefits package tailored to meet these specific needs and goals by providing them with enough information to make knowledgeable, careful decisions guided by their corporate vision.
In addition, the abundance of federal and provincial regulation involved with benefits planning as well as the seemingly unlimited choice of providers, services and procedures, can make the designing and managing of the right program very challenging. This is why companies of all sizes often choose to out source their employee benefits to a brokerage firm that specializes in these plans. Even companies with in-house human resources departments find it is beneficial to utilize the expertise of an employee benefits broker, rather than attempt to train staff and devote their time to these issues.
A. Most companies are just hoping to provide a medical and dental plan at a reasonable cost for both the company and the employees. But Gene Meyer Insurance can show companies how to better manage the same costs while dramatically improving the benefits offered to employees. Additional benefits may include such options as additional or optional life insurance, pay direct drug cards, short- term and long-term disability insurance with longer own occupational periods, or more comprehensive medical and dental coverage. Capping dispensing fees, cost Plus agreements are just a few examples of the many benefits Gene Meyer Insurance helps our clients incorporate in their benefits package.
We begin the benefits planning process by gathering information about the client's existing plan and asking pertinent questions to help them develop a strategy that reflects their desired outlook and options. At the same time, we establish measures to help us stay within the company's budget.
We then shop around for several plan options that show a good balance between costs, range of benefits, and quality carriers. Together, we then review the alternative plans and identify and correct any benefit overlaps or shortcomings.
Q. Is our work done after the client chooses a plan?
A. Not at all - that's just the beginning.
Gene Meyer Insurance will form a partnership with my clients and work continually throughout the year looking out for their best interests. One way we do this is by assisting my clients with the implementation of the plan. When a new company signs on with me, we take the enrollment forms from their old carrier and transfer all that information to the new insurance company. We then produce an announcement letter for the employees that compares the benefit of their current plan, with those of the new plan, and include employee, employer cost and paycheck deductions.
If necessary, we will then provide detailed information on how to best use these new services.
On a quarterly basis we will review their claims history to make sure it is in the level of spending.
When the plan year is up, we will use the complete claims history and renewal rates as well as evaluating the plan's costs, range of benefits, and provide services to determine if the benefits package is still meeting the company's goals and needs. We will then make any necessary changes and ensure that their renewal is being executed properly.
We also focus on education when developing a relationship with a client. The education process is vital.
First of all, we would communicate and offer those special services to acompany at no additional cost or work for them.
Here are just a few examples of the many additional services we can provide:
- Prepare and print announcement letters in layman's language so that all the employees can comprehend change of enrollment done by us.
- Conduct employee meetings in order to explain all the information contained in the announcement letter as well as answer any questions the employees may have, and explain to them all of the benefits.
- Handle the quarterly update for the Unemployment Insurance Commission & Canada Pension Plan.
- Send out a newsletter every two months with important tax planning tips and other valuable information.
- Review the draft of the employee insurance booklets before the Insurance company prints them out.
- Annually review and audit the performance of your carrier.
- Complete a market survey every two to three years, or more if necessary.
- Assist your plan administrator with any claims and / or administration needs.
- Keep the client informed of current market trends and changes in government legislation pertaining to employee benefits.
- Provide your group's claims history on a quarterly basis.
- Offer deferred profit sharing plans, RRSP's, and key-man insurance for top executives of the company as well as income replacement policies just for you.
A. An enticing benefits package can serve as a "hidden paycheck".
It can improve company morale and increase longevity by providing peace of mind among employees that many of their financial and personal needs are being taken care of thanks in part to their employer.
Also, Proposing to link company's profits to clearly defined bonuses, which will make employees think very positive in producing positive results or profits.
In addition, ourexperience has shown that employees truly want benefits, and are willing to pay a few more dollars a month if it means their benefits will improve. So even if you feel that what you're currently providing your employees is sufficient, let us show you some alternatives.
A. Sometimes when companies change their benefits, the transition from one package to another is confusing and hectic for both the employer and the employees. Companies often find themselves in a situation where they need to change carriers or benefit plans. We have developed strategies to make this transition easier for our clients. Of course, it all starts with helping our clients explain to their employees why the change was made and how it will benefit them.
We can communicate this information quickly and effectively in a group meeting as well as be available to meet with employees individually to answer any specific questions.