The Transition Is Quick and Painless
Rather than a long drawn out process to switch brokers that involves a thick stack of paperwork and several phone calls, the reality is you only need a broker of record letter signed by your current carrier as well as your lucky new broker. All you have to do is let both brokers know what’s going on and make sure you sign the letter as well.
The Next Step Doesn’t Take Long at All
Once the letter is signed, it doesn’t take long for the changes to kick in. Specifically, once the letter is sent, any changes made take effect the first day of the month after your carrier submission. That being said, you might have to wait until the next open enrollment period if you decide to change carriers or health insurance plans as well as brokers.
Employee Rates and Plans Remain the Same
Something else you might be worried about is the potential for your employees’ plans and rates to change when you get a new broker. Know that your new broker is simply picking up your employee health insurance plan right where it was left off and now becomes your go to resource for any employee benefits and compliance questions.
Change Is Good
If you’re still uncertain about changing brokers, doing so could be one of the best things for your company as well as your employees. For instance, there’s a chance your employees will have access to better benefits, which is great for everyone.
For even more details about how simple it is to switch benefits brokers and getting the best benefits for your workforce, contact Sackett & Associates Insurance Services, like us on Facebook, find us on LinkedIn and Subscribe to our blog.