Getting Started in Group Employee Benefits with the BBD Starter Plan
By: Benefits by Design | Tuesday July 20, 2021
Group insurance can be a complex and overwhelming topic, particularly for those who are beginning the journey for the first time. There’s all kinds of questions to answer, like:
- What benefits should I provide?
- What benefits do other companies provide?
- How does the process work?
- How do I choose an insurance Advisor?
But above all, the biggest question employers ask themselves with respect to a benefits plan is: How much will it cost?
Introducing the BBD Starter Plan
The Benefits by Design (BBD) Inc. Starter Plan provides a full, competitive quote within two business days, including expected costs per employee per month for both Single and Family rates. The Starter Plan has been designed with small businesses of 3 to 10 employees in mind and includes the most common benefits taken by comparatively sized companies, including:
- Extended Health Care (EHC), including Extended Health Services (EHC), drug coverage, paramedical coverage, medical supplies, and travel coverage
- Dental Insurance
- Life and Dependent Life Insurance
- Accidental Death and Dismemberment (AD&D) Insurance
That’s just the beginning, though. The BBD Starter Plan is just that — a start. Further customization and additional benefits are available, including:
- Short Term Disability (STD) Insurance
- Long Term Disability (LTD) Insurance
- Health Care Spending Account (HCSA)
- Personal Spending Account (PSA)
- Critical Illness Insurance
- Employee Assistance Program (EAP)
- Diagnostic Specialist Access Insurance (DSAI)
- Optional Life, AD&D, and Critical Illness Insurance
How Advisors Can Use the BBD Starter Plan
In creating the BBD Starter Plan, we analyzed our own block of business to determine which coverages were most common and built a quick, easy-to-quote plan around it. This allows Advisors and their clients to get to the meat of an employee benefits plan quicker and begin making informed decisions about coverage.
The BBD Starter Plan is an excellent tool for “getting your foot in the door”, as it allows Advisors to offer a starting point to their clients to open up conversations about benefits. Here’s how it works:
#1. Benchmark Against Comparably Sized Companies
Use the first page as a benchmark for the kinds of benefits comparable companies offer to their employees. From there, Advisors and their clients can begin establishing what a competitive employee benefits plan might look like.
#2. Start Small then Work Up
Go a step further and begin discussing the plan design of the BBD Starter Plan, working as a baseline. Between steps one and two, you and your client can discuss customization options for the plan and build out something that works best for the client.
#3. Complete the Quote Basics and Submit a Quote in Minutes
Ready to quote? Great!
Once you’ve got a plan design you’re comfortable moving forward with to get a quote and accurate pricing, simply fill in the employee data listing within the Starter Plan document itself and submit it to BBD to receive a full, competitive quote within two business days!