If you're one of about 43% of business owners who are unhappy with your current health insurance broker services, then it may be time to consider making a change.
There are plenty of other "fish in the sea," so to speak, but ending a relationship with an existing broker can be tough. Oftentimes, businesses will justify not making a change for a variety of reasons.
But, when you delve a little deeper into the relationship they have with their existing broker, you often find that they have real frustrations and concerns.
Let’s take a look at the top 5 fears companies have.
1. Fear of Change
Let’s face it, change can be disruptive. So, it’s not surprising that many business owners fear it. This fear gives them pause, even when the change might ultimately be a positive one.
According to Andrea Simon, Ph.D., Cultural Anthropologist & CEO of Simon Associates Management Consultants, “For otherwise successful business leaders, change is literally pain.”
And, fear of change can morph into other fears that keep companies stuck, and in some cases even hurt their businesses. As companies grow and change, issues typically become bigger and more costly.
For example, that health insurance plan you had when your company employed 15 people may not be right now that you have 50 employees. And, if your broker hasn't kept up with your company's changes and they keep bringing you the same policies, it could be costing you more than you know.
2. Fear of Confrontation
Another potential issue that many businesses face when debating the switch to a new broker is the fear of "breaking up" with their old broker.
This may be especially true, if you've been working with the same health insurance broker for an extended period of time. Often, this long-term relationship has created the feeling that “they have been taking care of us.”
The fear of confrontation or hurting your broker's feelings is very common. At the end of the day, however, you must once consider your organization's needs as the top priority.
It's also worth noting that some health insurance brokers may be happy to handle the unpleasant task of "breaking up" with your existing broker on your behalf, so don't let this fear prevent you from making a much-needed change.
3. Fear of Added Costs
Many small businesses worry that switching to a new broker will mean increased premiums for their insurance coverage . This is not the case.
It will not cost you additional fees for your health insurance premium, nor will you have to pay any consulting fees.
Brokers get paid commission by the insurance health carriers, and your health insurance premium is exactly the same amount regardless of which broker you choose to purchase your health insurance through.
4. Fear of Discovering Compliance Issues
If your current broker hasn't been running compliance checks on your business, you may be experiencing a little bit of concern over what a new health insurance broker might find if he or she were to run a compliance audit.
After all, there have been many changes in United States health care regulations in the past few years—and unless you've had a broker helping you stay up-to-date on these changes, there's a very good chance that compliance issues will be discovered if and when you switch to a new broker.
While discovering compliance issues may be scary, it's better to be aware of these issues sooner rather than later. After all, you don't want to have to pay a fine for non-compliance.
5. Fear of Making a Mistake
Businesses also worry about switching health insurance brokers because they are worried about making a mistake in selecting the new broker.
No one wants to make a change and then find out that their old broker was better than the new one. This is especially true after you told the old one goodbye.
You can learn more about the top 4 traits to look for in a small business health insurance broker in our recent article.
Tony Robbins, the motivational speaker and self-help coach, once said “Stop being afraid of what could go wrong, and start being excited about what could go right.”
It's important to look at a potential change as an opportunity to better your business. When you make a smart change to a better broker, the benefit may not only be cost savings. Better health insurance benefits could lead to attracting better talent, increased employee retention and a boost in morale.
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