Broker Rates

jmcaa

We will be negotiating our renewal shortly. We are self-insured with about 146 Employees and approximately 195 dependents covered under our plan.

I am clueless as to the amount we should be paying our broker. Would any of you care to give me the amount you pay yours?

Thank you!

NaeNae55

Your broker should receive a commission from the stop loss carrier. (I am assuming you are actually partially insured and have stop loss coverage due to the size of your plan.) You might also give them a chance at your other benefits like life insurance etc.

I have seen the broker paid directly on rare occassions. It has been at least 10 years since I was in a position to see that, but at that time they paid the broker $10,000 for the year, with payments broken down month by month. It was a large company and the deal was big enough to warrant the fee.

Hope this helps.

Good luck!

Nae