Healthcare brokers are the eyes and ears into the ever-changing healthcare market, and what potential new options might be on the table for an organization. As such, nonprofits must have a broker relationship that meets the unique needs of the organization. Even if you’re happy with your existing representation, it’s worth taking a step back and at least talking with other brokers to see if they have a different approach that may be a better fit for your group.
In addition, it’s important to remember that brokers can be incredibly helpful and supportive, but at the end of the day they want your business and will do (almost) anything to keep it. Remaining as impartial as possible about your current broker and exploring alternatives independent of their help will provide you with the most objective perspective on the process.
Below are six things to consider discussing with any broker you’re considering working with as you begin the renewal process.
For those nonprofits who are renewing on January 1, now is the time to begin these discussions with potential brokers. While you may feel happy with your current broker, it’s recommended that you set up meetings with at least a few other options. Exploring alternatives to your current broker and/or plan is not only smart, it is the fiscal and ethical responsibility of nonprofit leaders to ensure that the most financially-sound and employee-friendly decisions are being made.
Discover more creative ways to determine the best healthcare approach for your organization with our guide Three Steps Nonprofits Should Take Before Renewing.
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose