Employee Benefits Brokers: What They Are & How to Choose One

Business professional team shopping for a new employee benefits broker

Especially during a time when healthcare costs are on the rise, it's imperative that businesses show, not simply tell, employees how valuable they are. After all, no successful company exists in a vacuum - it takes the hard work, passion, and dedication of countless people to make that which initially seems possible a reality.

One of the biggest ways to show appreciation for employees is to make sure they have access to a high quality employee benefits package. When it comes time to address this, companies can rely on an employee benefits brokerage like BIS Benefits for a number of essential reasons.

What is an Employee Benefits Broker?

An employee benefits broker is an organization that helps to create and manage benefits packages for employees. Rather than forcing businesses into a "one size fits all" box when it comes to benefits, they consider each organization as the unique entity that it is. They then leverage their experience and connections with certain companies to your advantage, putting together a package that specifically addresses the needs and desires of your workforce.

They also provide administrative assistance to employers on an ongoing basis, reassessing needs and addressing problems as they arise.

Why Do You Need a Benefits Broker?

According to one recent study, benefits make up approximately 29.6% of all employee compensation costs. This is important to note for a few distinct reasons.

For starters, even more so than base salary in most cases, employees are looking for benefits when deciding where to work and devote their time. Even if you can't offer the largest salary in your field, giving people access to an excellent benefits package is a great way to both attract and retain the top talent you need to remain competitive.

With benefits making up such a significant cost, it stands to reason that you would want to A) offer the best that you can, while B) doing so in the most cost-effective way possible. The right employee benefits broker can help tremendously with all of these things.

An Employee Benefits Broker You Can Trust

Allow BIS to aggressively shop the market to get you the most competitive rates.

Contact BIS

Tips to Choosing the Right Benefits Broker

A young professional woman is researching how to choose the best employee benefits broker

Before choosing an employee benefits broker, it's helpful to enter into the situation with at least a basic understanding of what you actually need. Sit down with your employees and listen to their concerns. Solicit feedback in terms of what they would like to see in a benefits package.

That way, when you finally sit down with a benefits broker, you can ask the right questions and choose a partner that is experienced in what you're actually looking for.

You'll also want to start looking for a benefits broker as early on in the process as you can. It would be a mistake to wait until a few weeks before it's time to renew your existing plans. You need to give yourself more than enough time to interview potential candidates and find an employee benefits brokerage firm that will be an ideal fit for your long-term goals.

In a larger sense, you'll want to treat finding a new employee benefits broker with the same care and attention-to-detail that you would finding a new employee. Don't just choose someone based on reputation alone - you need to be able to ask questions and get answers that you're satisfied with. Find the company that can offer you the best level of service specific to what that actually means to you. Go into your search with a list of criteria and don't stop until you find an organization that can meet as many of those requirements as possible.

When Should You Choose a New Employee Benefits Brokerage Partner?

The number one sign that you should start looking for a new employee benefits brokerage partner has to do with a situation where you feel like your existing one is no longer operating with your best interests at heart.

Again, there are a lot of companies out there that can offer you benefits packages in the general sense of the term. You don't need someone who will put together a cookie cutter package that they're also offering to a dozen other companies. You need a partner who will take the time to learn what makes your company unique and that will tailor your benefits to play to those strengths.

If you're having a difficult time finding top tier candidates whenever you have an available position, or if you're dealing with an unfortunately high level of employee turnover, these would also be clear signs that you should look at your employee benefits for opportunities to improve. In most situations, that will involve looking for and carefully selecting a new employee benefits partner.

A Benefits Broker Who Supports Your Company

In the end, remember that an employee benefits broker is supposed to support both your employees AND your business at every step. From a business perspective, they do more than just put together a benefits package. They help you manage costs, saving as much money as possible so that you can funnel it into other areas of the enterprise where it can do the most good.

They help dramatically simplify communications, even going as far as educating employees on how to get the most out of their benefits if necessary. Overall, they help maximize the benefits experience for everyone involved - which in and of itself is the most important benefit of all.

The young professional woman is presenting to her colleagues the employee benefits brokerage she thinks is best

At BIS Benefits, we're proud to act as that employee benefits partner for many organizations and are honored for the opportunity to do the same for you, too. Health insurance, dental plans, vision coverage - all these things are an important part of your employee's lives, and we want to treat them with the attention they deserve. We'll leave no stone unturned when it comes to meeting your needs and exceeding your expectations every time we have the opportunity to do so.

If you'd like to find out more information about what employee benefits brokers are and how to choose the one that fits your business' goals, or if you'd just like to discuss your specific needs with a team of professionals in a bit more detail, please contact BIS Benefits today.

< Older Post

Newer Post >

What Employee Benefits Do Georgia Workers Want in 2025?

by Drew Holley • 17 January 2025

Key Insights on Employee Benefits for Small Businesses in Georgia Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy. Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours. Key Findings from the 2025 Employee Benefits Benchmarking Report 1. Medical Benefits: Affordability and Trends 76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling. On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks. High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options. What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market. 2. Supplemental Benefits: A Strategic Edge Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively. Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage. Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases. Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package. 3. Retirement and Financial Benefits: Securing the Future 91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating. Employer matching contributions average between 4%–6% , a vital component in employee retention. Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation. Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement. 4. Leave and Flexibility: Meeting Modern Expectations Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility. Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements . How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025. Why Download the 2025 Employee Benefits Benchmarking Report? This comprehensive report provides: Regional and national comparisons to help you understand how your benefits stack up. Detailed insights into cost-sharing, plan designs, and employee preferences. Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs. The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals. Download the Report Today Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

by Drew Holley • 6 January 2025

High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare. In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential. To learn more about the benefits of HDHPs and related options, visit our Group Benefits page . What Are HDHPs? HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met. A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool. To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts . The Employer Advantage: Cost Savings and Competitive Benefits Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs. Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control. For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team. The Employee Advantage: Affordable and Flexible Coverage For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses. HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs. Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP. Key Differences: HSAs vs. FSAs While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year. Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview . Industry Trends: HDHPs Are Gaining Momentum HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits. As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices. Key Takeaways For Employers: HDHPs lower premium costs while providing flexibility for employees. For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities. For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions. Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts .

Drew Holley and Jessie Couch Discussing HSA and FSA

FSA vs HSA | Which One is Best for your Georgia Employees?

by Drew Holley • 12 December 2024

Use It or Lose It? Demystifying FSAs and HSAs Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices. For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below. FSAs and the "Use It or Lose It" Rule FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs. Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy . HSAs: A Different Story Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning. If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page . Making the Most of FSAs and HSAs Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs. Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource. Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs. Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule: FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies. HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs. Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future. To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.