It’s often a good idea to get a second opinion before making a big decision. Because of the dramatic changes influenced by the Affordable Care Act (ACA) and other factors, the employee benefits strategy you have utilized until now may be unavailable, inadequate, or dramatically more expensive in 2015. Here are three signs you might benefit from a second opinion:
You’ve just been hit with dramatic cost increases.
While some cost increases might be expected, if your employee benefits package for 2015 has given you “sticker shock,” it can’t hurt to shop around for a new strategy that will yield equal or better quality at a lower price. There are a number of innovative strategies that are worth a look.
You’re being forced to change companies and/or plans.
With the rules and regulations under the Affordable Care Act, many programs are no longer being offered. Others are offered but in a highly modified or watered-down format. Before accepting a replacement plan, it may be valuable to look at other options.
It’s difficult to get answers to your questions.
Does your current benefits provider answer all of your questions in a prompt manner? Do they have the knowledge about the current benefits environment to provide cutting edge advice? Are they sharp in their bookkeeping, in other words do you receive periodic statements, together with an organized summary document about your program, in case you ever get audited? Are they communicating with you about changes well before they happen and in a clear, concise manner?
If your answer to any or all of these questions is “yes,” you will most likely benefit from getting a second opinion about your program.