What Do Employee Benefit Consultants Do?

Chris Freitas • 24 June 2024

Companies both small and large often face the daunting task of managing and optimizing their own employee benefits packages. This is where employee benefit consultants come in. These professionals, also known as employee benefits brokers or advisors, are pivotal in helping businesses design, implement, and manage their benefits strategies to maximize value and efficiency. Reach out today for a one-on-one audit with an employee benefit consultant from KBI Benefits.

Designing Customized Employee Benefit Packages

One of the primary roles of an employee benefit consultant is designing customized employee benefit packages that cater to the unique needs of your business. This involves a thorough assessment of your company’s requirements and budget, also known as an audit. Consultants specialize in selecting the optimal combination of health, dental, and vision insurance, along with ancillary benefits such as financial wellness programs and mental health support. An optimal employee benefits plan should speak directly to the needs and desires of your workforce to maximize the ROI on your spend.

A top-tier consultant takes the time to understand the specific needs, values, and goals of a business. With this information, they craft a bespoke benefits strategy that aligns perfectly with your company's objectives. Once a strategy is in place, employee benefit consultants reach out to benefit carriers and vendors to make the necessary connections to make the strategy a reality, ensuring that the company receives the best possible terms and coverage.

Year-Round Support and Collaboration with HR Teams

A hallmark of a successful partnership between a company and its employee benefit consultant is continuous, year-round support. Employee benefit consultants at KBI Benefits work closely with your HR team, effectively becoming an extension of the HR department. They assist in managing benefits throughout the year, relieving HR personnel of many benefits-related tasks and streamlining administrative processes.

This collaboration is crucial for maintaining the smooth operation of benefits programs. By proactively handling benefits administration, consultants enable HR teams to focus on other critical areas of their roles, thereby increasing overall efficiency and productivity.

Managing Open Enrollment

Open enrollment can be a stressful period for both employers and employees. An experienced employee benefit consultant provide the necessary guidance and support to ensure employees understand their available plans and make informed decisions.

Effective communication and education are key during open enrollment. Consultants often conduct informational sessions and provide resources to help employees navigate their options. This support not only empowers employees to choose the right plans for their needs but also fosters a sense of confidence and satisfaction with the benefits offered.

Navigating Compliance Requirements

Staying compliant with the ever-changing landscape of rules and regulations can be challenging for businesses, particularly smaller ones with limited HR resources. Employee benefit consultants are well-versed in compliance matters and provide invaluable assistance in this area.

Consultants keep their clients updated on the latest compliance requirements and deadlines. They offer step-by-step guidance to ensure that businesses avoid costly compliance errors. By managing the complexities of healthcare reforms and other regulatory changes, consultants allow companies to focus on their core operations without getting bogged down in red tape.

Designing Benefits for Small Businesses

Designing benefits packages for small businesses is a specialized service that employee benefit consultants excel in. Small businesses often have unique needs and budget constraints that differ from larger corporations. Consultants help these businesses navigate the complexities of benefits management by offering tailored solutions that provide maximum value within their budget.

The Value of Employee Benefit Consultants

Employee benefit consultants are more than just intermediaries between companies and benefit providers. They are strategic partners who help businesses design tailored benefits packages, ensure compliance, and provide continuous support to both HR teams and employees. By taking on these critical tasks, consultants enable businesses to offer competitive benefits packages that attract and retain top talent.

At KBI Benefits, our team of employee benefit consultants brings decades of cumulative experience to the table. We have a proven track record of saving companies like yours up to 40% year over year on their benefits spend. Our experts are dedicated to creating customized, cost-effective benefits strategies that meet your unique needs. Speak with a KBI employee benefit consultant today to get started and experience the difference that professional, personalized support can make for your business.

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Employee Benefits Education for Younger Employees

by Chris Freitas • 23 January 2025

For younger employees stepping into the workforce, navigating employee benefits can feel like deciphering a foreign language. This lack of understanding often results in missed opportunities to maximize benefits and unnecessary expenses for both employees and employers. The solution? Comprehensive education. By helping younger employees understand their benefits early and effectively, employers can empower them to make informed decisions, leading to improved satisfaction, cost savings, and overall well-being. Here’s how employers can take actionable steps to educate their younger workforce on employee benefits. 1. Start with the Basics Young employees, particularly those new to the workforce, often lack foundational knowledge about insurance and benefits. Start with a "Benefits 101" approach, covering essential topics such as common insurance terminology, how group health coverage works, and the importance of enrollment deadlines. Breaking down these concepts into digestible pieces will give employees the confidence to engage with their benefits plans. Providing user-friendly resources like glossaries of key terms, FAQs, and introductory guides can make this foundational education accessible and engaging. 2. Highlight the Value Younger employees are more likely to engage with benefits education when they see personal value. Explain how understanding their benefits can lead to smarter healthcare decisions, financial savings, and even long-term investment opportunities. For instance, show how researching provider networks can significantly reduce out-of-pocket costs or how contributing to a 401(k) early can yield substantial retirement savings. Focusing on tangible benefits helps employees connect the dots between learning about benefits and improving their overall quality of life. 3. Use Varied, Engaging Formats Gone are the days when lengthy handouts and dense white papers were the only options for benefits education. Younger employees respond better to diverse and interactive formats. Consider using: Videos to explain complex topics in a simple, visual manner. Infographics to break down key points. Email series to provide regular, bite-sized education. Interactive webinars for live Q&A sessions. Posters and flyers for quick reminders in shared spaces. By diversifying your approach, you can keep employees engaged while reinforcing important messages. 4. Make It a Continuous Process Benefits education shouldn’t be limited to onboarding or open enrollment periods. Make it an ongoing effort throughout the year. Create a communication calendar to share relevant topics each month, such as how to use telemedicine, when to visit urgent care versus the ER, or how life events affect benefits. Regular education keeps benefits top of mind and helps employees feel supported as their needs evolve over time. 5. Encourage Questions and Provide Support Even with robust educational efforts, employees will still have questions. Ensure your HR team is equipped to answer these inquiries promptly. Designate a dedicated benefits specialist who can respond to emails, attend meetings, and offer personalized guidance. Additionally, consider scheduling one-on-one meetings before open enrollment. These private sessions provide a safe space for employees to ask questions they might hesitate to bring up in larger group settings. Why Benefits Education Matters Educating younger employees about their benefits isn't just about helping them understand health insurance jargon; it's about equipping them to make informed decisions that positively impact their lives and your organization. Employees who understand and value their benefits are more likely to utilize them effectively, reducing unnecessary costs and increasing overall satisfaction. Build a Better Benefits Plan with KBI Benefits At KBI Benefits, we understand the importance of a well-designed benefits plan paired with effective education. Our team can help you craft an attractive benefits package that meets your employees’ needs while providing the resources and support to ensure they know how to make the most of it. Investing in benefits education not only improves employee satisfaction but also boosts productivity and loyalty. Speak with a KBI Benefits agent today to take your team’s performance and well-being to the next level!