Your plan broker should be doing very different things than they did just a few years ago.
Rizor & Nolan Advisors created this informative email series to give you advice on how to manage your health and welfare benefit plans, and to tell you about the advantages of working with our expert team.
The role of a plan broker has significantly changed.
The role of the health plan broker has changed drastically in the past few years. However, the problem is that a lot of brokers and their clients continue to have an interaction today that is no different than it was 25 years ago.
Back then a broker’s main role was to look at the hundreds of insurance companies that were out there and select the best insurance carrier and plan for his clients. “Shopping the market” in those days was extremely important.
However, today there are at most five or six insurance carriers that are even an option for any client, regardless of where they’re located in this country. So having a plan broker “shop the market” no longer makes sense.
Today’s health plan broker should be:
- Establishing a firm foundation for your company’s health plan.
- Helping you to administer your health plan.
- Maneuvering the incredible new regulatory environment for you – so you don’t have to worry about it.
This regulatory environment, which didn’t exist to any great extent before 2010, can be overwhelming for small to mid-
size companies to understand on their own. Not only that, but your company is vulnerable to huge financial liability if
found to be non-compliant.
Right now we have old laws that are being enforced (ERISA) and we have new laws (ACA) that are going to cause a great deal of increased liability and uncertainty. This is the reason the plan broker’s role really must evolve.
So if your broker is still doing the same old thing for you, that poses a real problem for you – a problem that could end up costing you a whole lot of money.
At Rizor & Nolan Advisors, we understand how we can best serve your needs as your health plan broker.
We specialize in giving small to mid-market employers a level of quality and expertise – with administration and protections usually only available to Fortune 500 companies.
Rizor & Nolan Advisors is the only firm that establishes, implements and administers a comprehensive benefit plan process designed to:
- improve plan quality,
- lower plan costs,
- protect you from governmental investigations and audits,
- protect you from penalties and fines, and
- protect you from civil actions.
Rizor & Nolan Advisors becomes a contractual operational fiduciary to your plan and is subject to the same liability as internal plan fiduciaries.