You’ve likely heard the term “benefits consulting” when dealing with insurance and investment companies. But what really is benefits consulting and why is it important to you?
A benefits consultant is an individual or firm that advises an employer or plan sponsor in matters relating to group insurance and employee benefits. Benefits consultants work to get an in-depth understanding of your business and your employee benefits needs, and they look at several different insurance companies to find the solution that is best for you. Because they aren’t partial to any insurance company, their motivation is to secure the best value.
What sets benefits consultants apart from brokers and agents is that they typically have broader resources and more in-depth knowledge of group insurance and employee benefits, which is supported by internal tools, research, data and surveys.
Benefits consultants work with clients of all sizes; it’s not just larger companies like it used to be in the past. Additional advantages of working with benefits consultants include expert advice on the marketplace including strengths and weaknesses between insurers, latest trends, changes to legislation which may affect benefits, managing expectations around cost and deliverables, and providing support year-round.
Benefit consultants aren’t only useful when you are initially choosing a plan. They can also assist with the following:
- Annual renewals
- Financial accounting audits
- Benefit plan financial management
- Plan utilization reviews
- Competitive plan benchmarking
- Underwriting review
- Mergers and acquisitions
- Disability process reviews
- Insurance claim audits
- Health & Wellness consulting
- Taxation support
Belmont Health & Wealth is pleased to offer benefits consulting as part of our list of services provided. For more information, and for a free initial consultation, please contact us today!