Preview

Benefit Broker

Good Essays
Open Document
Open Document
371 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Benefit Broker
The Advantages of Using a Benefit Broker
Health care reform, tax compliance and talent poaching are various reasons why companies turn to benefit brokers to reduce costs, remain competitive and meet employees’ needs. As health care regulations change over the next few years, employers need experienced benefit brokers to guide them and help them deal with new responsibilities. Companies that employ the services of benefit brokers will enjoy the following advantages.
Financial Rewards
Benefit brokers are trained to identify policies and programs that offer tax breaks and financial relief. Benefit brokers have access to a wide range of plans and organizations, so they will be able to offer sound advice and comparative perspectives. Small-

You May Also Find These Documents Helpful

  • Satisfactory Essays

    The current system used by the NAHARC is estimated to have been used for well over 35 years. As a result, the system has adapted to the different changes over the years. These changes have made the system increasingly complex and cumbersome and thereby too difficult to change. NAHARC plans to incorporate a new integrated benefits system as a solution that will fill business needs of all the departments and staff of NAHARC, including their customers. This administration is based on a capability study NAHARC performed from January 2013 to January 2014 and the RFP that developed from the study, done in conjunction with Hickson and Hickson…

    • 1014 Words
    • 8 Pages
    Satisfactory Essays
  • Powerful Essays

    Mgmt 202 Final Paper

    • 4488 Words
    • 18 Pages

    longer be funded on a pay-as-you-go basis. Rather, they must be paid on an accrual…

    • 4488 Words
    • 18 Pages
    Powerful Essays
  • Good Essays

    1. The importance of employee benefits as a strategic component of fulfilling the goals of human resource management is to find, attract, and retain quality employees (DeCenzo & Robbins, 2009). Treating employees with respect, offering bonuses, rewards, on site lunches, etc. helps keep employees happy, and loyal. The main purpose for employee benefits is to find qualified candidates to fill positions, and want to stay within the company. Without offering employee benefits, employees wouldn’t remain loyal, and productivity would be low. Benefits are an employees’ incentive to want to do their job to the best that they possibly can, as well as stay loyal to the company. In today’s…

    • 798 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Employees are eligible to sign up for benefits or change existing benefits during the employer’s enrollment period. This is typically offered once a year. During enrollment, the employer provides updates or changes to the plan to give employees a chance to review and make changes based on their individual medical needs.…

    • 445 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Ethical Implications of Administrative and Organizational Decisions American Public University Johnathon Gilbert 20 May 2018 Ethical Implications of Administrative and Organizational Decisions Managed Care Organization or MCO is a health services provider or organization of therapeutic specialist whose primary objective it is to provide adequate, cost saving medical treatment. Managed Care Organization is a health insurance conveyance system comprising of partnered or owned medical facilities, doctors and others medical service providers who provide an extensive variety of composed healthcare services. It is frequently used term for insurance plans that administers medicinal services in return for a foreordained month to month fee while organizing…

    • 779 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    The Workforce Matters guide for New York State agencies is a very valuable guide and relevant in 2012. It provides insight into the agency staff by recognizing the aging workforce and upcoming retirement; it recognizes the knowledge, experience and institutional memory that will leave the company once these long term employees leave. The plan addresses the changing demographic of its customers and the potential need for “new methods of service delivery and a workforce that reflects its customers”. They did not make the mistake of trying to solve staffing problems across the entire agency, but chose only those areas that they knew would have “considerable change in services delivered and the way in which they were delivered”. The agency also created “What If” scenarios by viewing the process through a narrow scope and broad scope.…

    • 1405 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Cheung HW4

    • 411 Words
    • 2 Pages

    As one of the leading insurance companies in the country, we offer the best employee health insurance programs. Up until now, our clients have left us with positive feedback on programs that were designed for them. Some of these feedbacks included from being “Best advice ever!” to “Saved us money and time!” We believe that we are able to offer each and every customer what he or she needs and wants. When you choose our insurance programs, we will customize a portfolio that suits all of your needs and save you as much as possible.…

    • 411 Words
    • 2 Pages
    Good Essays
  • Good Essays

    Flexible benefits can increase worker satisfaction by involving the working in the decision making process. Employees are able to choose a package or benefits that suit their unique needs, this can make an employee feel more heard by their employer and more understood, and also provides a better understanding of what benefits actually cost a company and a great awareness can be accomplished.…

    • 1372 Words
    • 6 Pages
    Good Essays
  • Satisfactory Essays

    This article covers significant developments in late 2011 and 2012 employee benefits, including employment taxes, executive compensation, health and welfare benefits, including employment rate taxes, and qualified plans. This article focuses on guidance released and changes to the rules for group health plans as a result of the Patient Protection and Affordable Care Act (PPACA).…

    • 347 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    HIPAA Research Paper

    • 564 Words
    • 3 Pages

    Improve health care access, portability and renewability or continuity of health coverage when the employer change jobs.…

    • 564 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position that offers a lower salary as long as benefits are part of the employment package. Be that as it may, it behooves the hiring firm to closely review their benefits package to be sure they are offering the best they can with the dollars available. With a competitive benefits package, a firm is more likely to hire and retain quality talent. In doing so, the firm also positions themselves to find success in their line of business. The question, then, that many business owners face is whether a benefits package is affordable and the best use of funds. For every business, the financial aspects can vary dramatically and the final results can look very different, but it is possible to put together a benefits package for your business.…

    • 3488 Words
    • 14 Pages
    Powerful Essays
  • Powerful Essays

    Reducing Healthcare Cost

    • 5631 Words
    • 23 Pages

    References: Bleil, L.D., Kalamas, J., & Mathoda, R.K. (2004). How to control health benefit costs. McKinsey Quarterly, 1, 104-114.…

    • 5631 Words
    • 23 Pages
    Powerful Essays
  • Better Essays

    Sixty-nine percent of health care organizations report having moderate to substantial difficulty retaining employees with critical skills, compared with 43% of organizations across all industries, according to a reports by Watson Wyatt Worldwide and the American Society for Healthcare Human Resources Administration reports. Jamie Hale of Watson Wyatt said the high-stress condition in hospitals explains why some workers want to leave. Chronic shortages of nurses and physical therapists needed at hospitals and clinics heighten employee retention problems. Health care workers almost always have job opportunities abroad. For example, a pharmacist could work at a retailer instead of a hospital and a nurse could work for a health insurer. In addition, the report -- which is based on survey responses from 110 health organizations -- finds that 42% of health care organizations offer comprehensive reward strategies, such as retirement plans and vacations, compared with 70% of other industries (Hale, 2010). This paper will be used to better understand the challenges involved in recruiting and retaining qualified employees to replace the large number of employees who recently retired or are reaching retirement age in the coming years. The healthcare industry and the public have an interest in ensuring that trained, qualified employees are available to work.…

    • 1969 Words
    • 8 Pages
    Better Essays
  • Satisfactory Essays

    LISAJACKSON021615resume

    • 617 Words
    • 4 Pages

    Understood application of benefit contracts, pricing, processing, policies, procedures, coordination of benefits, & healthcare terminology.…

    • 617 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    Best Financial Services Inc,

    • 3759 Words
    • 16 Pages

    IntroductionLinda Best, a Certified Financial Planner (CFP) from Sarnia, Canada is the founder and sole shareholder of Best Financial Services Inc. which was established on January 1, 2001. Sarnia, the largest city in South Ontario, bordered the United States and was heavily populated with aging baby boomers and blue-collar workers. Best Financial earned its revenues mainly from blue-collar workers nearing retirement. Best financial had formed strong relationships with many clients throughout Sarnia and managed over 1000 financial plans allowing a steady revenue and profit growth. The key services provided by Best Financial are risk management, tax preparation and professional money management. The company’s Assets under Management were $22 million on as January, 2008.Gerald Young, one of the top clients of Best Financial had informed Linda Best that he would be moving his assets to one of Best’s competitors, Scotia McLeod. The loss has forced Best to think about the future direction of her company. Best needs to complete an assessment of the industry and Best Financial’s past performance, followed by projected financial results of her new strategy. She must decide whether to hire a new advisor or purchase a block of business from another financial planner. Q1. Perform a size- up of the industry. Identify the threats or opportunities.Answer:Financial planning is one distinct segment among many within financial services industry. The aim of the financial planners is to assist people to maximize the potential of their financial assets. Financial planners evaluate a client’s goals, personal circumstances and risk tolerance to help them grow and preserve their wealth, minimize taxes , complete estate planning and determine insurance needs.The financial planning has a prescribed six step process for financial planning outlined by FPSC(Financial Planners Standard Council).The industry offers various products suited to different needs of the different customers. A variety…

    • 3759 Words
    • 16 Pages
    Powerful Essays