How to Evaluate an Employee Benefits Broker

12/14/2022 / Patti Goldfarb

meeting with employee benefits advisor

I realize this can be more work than the average business owner wants to do.  This is work that a good broker will do for you.  The question is how do you know what kind of broker you are working with?  There are plenty of financial planners that use benefits as a door opener to meet the business owner and be able to offer their estate planning services.  These are not the benefits broker you want for your company (even though they might be a good fit for your personal needs).

Here are some items to consider when looking for an employee benefits broker:

• How much experience have they had with companies of your size, in your industry or with employee benefits?
• What percent of his business is employee benefits?
• Is he active in industry associations such as NAHU (National Assoc. of Health Underwriters)
• How will they handle your business?
• Do they conduct employee surveys
• Do they educate employees about the benefit options?
• Assist with claim resolution
• Assist with authorizations
• Assist with billing discrepancies
• Assist with the next year’s renewal
• Keep you appraised of new legislation and compliance requirements
• Do you like/trust this person?

Patrice S Goldfarb has been an employee benefits consultant for over 20 years. She has worked within the large corporate markets, as well as small to mid-sized businesses, non-profit organizations and associations.  She also specializes in long-term care insurance and assists people transitioning to Medicare

As an industry leader, Patti has been quoted publications such as Fortune and Forbes. She has published health insurance related articles and presented seminars for financial and legal associations on topics such as: “Issues to Consider in Choosing the Right Health Plan”; “Long Term Care Insurance Design and Planning” and “International Health Insurance Issues”. She is the founder of the New York State Association of Health Underwriters, former Chairperson of the Insurance Committee of the Meadowlands Chamber of Commerce and a member of the Society of Certified Senior Advisors.

Patti can be reached at (201) 255-6239 or pgoldfarb@ebagroup.net