Health Benefits Advisor for Employers (2024)

FAQs

What are a benefits advisor's responsibilities? ›

A benefits advisor assists HR teams with understanding, selecting, and managing employee benefits packages. Their impact is invaluable to creating a satisfied workforce and helping your business comply with labor laws. Managing employee benefits is just one piece of the HR puzzle.

If you'll be in the same or an even better financial position with your new job with no benefits, then you may want to seriously consider accepting the offer. However, if the loss is greater than the gain, then your next step is to negotiate.

Savings for employers

Here are all the tax savings you get by offering group health insurance plans: Employer contributions are tax-deductible. Employer payroll taxes are reduced by 7.65 percent of employee contributions. Employer workers compensation premiums are reduced.

A benefits consultant is an employer's partner on all things benefits. Also commonly referred to as an employee benefits broker or benefits advisor, these consultants build and manage benefits strategies for employers.

To have a successful career as a benefits advisor, you must understand relevant laws, such as COBRA and the Affordable Care Act (ACA) and have solid interpersonal and analytical skills. Similar job titles include HR benefits coordinator and health care benefits consultant.

The Role of the Advisor

Intervene in conflicts between group members and/or officers when necessary. Be knowledgeable of policies that may impact the organization's decisions, programs, etc. Provide continuity and stability as student leadership changes. Provide an outside view or perspective.

Lack of flexibility

Because the employer chooses group insurance, employees don't have a say in what network they'll be on, the deductible they'll need to meet, or the premium they'll have to pay.

Advantages of an employer plan: Your employer often splits the cost of premiums with you. Your employer does all of the work choosing the plan options. Premium contributions from your employer are not subject to federal taxes, and your contributions can be made pre-tax, which lowers your taxable income.

Because the government does not provide health insurance to working Americans, it has little ability to constrain growing health care costs. And because health insurance benefits are untaxed, employers have been partly shielded from the increasing cost of medical care.

Key Responsibilities of a Benefits Consultant

Conducting comprehensive analyses of existing benefits programs to identify areas for improvement or cost savings. Designing, recommending, and implementing new benefits plans or modifications to existing plans that meet client objectives and employee needs.

What is a benefits specialist employee? ›

What is an employee benefits specialist? Benefits specialists are a crucial part of a company's human resource department. These professionals manage and administer a company's employee benefit and compensation programs, including disability insurance, retirement benefits, healthcare plans, life insurance, and more.

An employee benefits package includes all the perks and benefits provided when working for a company outside of an employee's wages and salary. Some organizations offer a handful of benefits, with the basics including medical insurance, life insurance, dental insurance, a 401k, holidays, and paid time off.

Benefits Representative Duties & Responsibilities:

Plan and develop employee benefits packages, such as retirement plans, insurance coverage, pension programs, paid time off, etc. Organize and conduct benefits meetings, new hire orientations, benefits fairs, etc.

Work directly with employers to help solve benefits challenges with our plans and services. Generate sales with company provided leads, personal networking, referrals and cold calls. Conduct engaging sales presentations and enrollments at worksites and remote environment.

As a benefits representative, your duties are to develop benefit packages based on job classification and seniority, answer employee questions regarding their coverage, and regularly review these agreements in an effort to develop a more cost-effective plan.

Benefits managers administer an organization's employee benefits program, which may include retirement plans, leave policies, wellness programs, and insurance policies such as health, life, and disability.