When you’re running a business, few things are more sensitive than your employee benefits, especially health insurance. If you’ve been feeling like your current insurance provider just isn’t cutting it anymore, you’re not alone. According to a 2024 study by Mercer, 63% of employers will actively evaluate new insurance providers due to rising costs, administrative burdens, or inadequate support (Mercer, 2024).

But making the switch doesn’t have to mean chaos for your HR team or confusion for your employees. With the right approach, the transition can be nearly seamless.

At MHG Insurance, my colleague Jetta Gadea and I help companies switch insurance providers with confidence. Here’s how we recommend doing it.

Why Companies Switch Insurance Providers

You might be considering a change because your current insurance provider:

● Doesn’t offer better value or flexibility

● Has poor communication and slow support

● Has limited plan options for your diverse and growing team

And you wouldn’t be alone in this. A report from the Kaiser Family Foundation found that health insurance premiums for employer-sponsored plans increased by an average of 7% in the past year (KFF, 2023). That’s a tough hit for small and midsize businesses trying to control costs.

When you’re paying more and getting less, it’s time to explore alternatives.

How to Change Insurance Providers Without Disrupting Your Team

1. Talk to Your Insurance Broker

Your insurance broker is your best ally and should be your first stop. Share what's not working, whether the coverage, a weak provider network, high costs, or something else. A good broker will try to negotiate improvements with your current provider or explore alternative options that may be a better fit.

Tip: Don’t wait to share these concerns with your insurance broker at renewal. Raise concerns as they come up so they can be addressed.

2. Start Early! Ideally, 90 Days Before Renewal

If you’ve decided you want to see what other options are available, give your insurance broker enough time to collect quotes and compare options. 90 days prior to your plan renewing is a good guideline. Rushing the process can lead to lapses in coverage, poor onboarding, and frustrated team members. At MHG, we create custom transition timelines so nothing falls through the cracks.

3. Lean on Our Expertise to Navigate the Market

The insurance market is constantly evolving, and not every option is straightforward. That’s where having a team like ours comes in. We listen to your business goals and employee needs, then research and present plan options that:

● Keep costs predictable

● Offer flexibility in coverage levels

● Are accepted by the doctors your team uses most

This high-touch service means you won’t spend hours comparing apples to oranges. We do the heavy lifting and explain everything in simple terms.

4. Communicate With Your Team Early and Often

According to a 2024 SHRM survey, 52% of employees say they are confused by their benefits options (SHRM, 2024). To avoid frustration or anxiety during open enrollment:

● Hold short info sessions or Q&As with your team. We can help or even run these for you.

● Provide comparison charts to explain what’s changing

● Have an expert on-hand (like one of us!) to answer questions in real time

Clear, confident communication helps your employees feel supported and informed throughout the switch.

What to Look For in a New Insurance Provider

Not all insurance providers are created equal. When evaluating new options, make sure they offer:

● Plan flexibility that matches your team’s real-world needs

· Strong provider network that ensures your team has access to a wide range of doctors and hospitals, wherever they are, especially if you have employees working remotely or employees in multiple states

● Technology tools for easy enrollment and management

● Compliance and regulatory support to help you stay compliant and up to date on regulations

· Financial strength and a good reputation for paying claims and providing good service

● Proven experience with businesses of your size

At MHG, our team is your team. We understand that a 20-person business doesn’t need the same solution as a 200-person one. That’s why we customize everything, from plan structure to rollout strategy.

Don’t Forget: Compliance and Transition Support

Changing insurance providers isn’t just about choosing new coverage. You also need to manage:

● COBRA notifications

● ACA compliance

● Plan terminations and new plan onboarding

A good insurance partner doesn’t leave you to navigate these steps on your own. Our team guides you through each step and works closely with your previous provider to ensure that nothing is missed.

How MHG Insurance Makes It Easy to Switch

With over three decades of experience helping businesses worldwide, MHG Insurance understands the complexities of employee benefits. We’re a full-service brokerage, which means we:

● Work for you, not the insurance company

● Build personalized plans based on your budget and goals

● Handle the details so you can focus on your business

Changing insurance providers might seem intimidating, but it doesn’t have to be. When you partner with MHG, you get a team of advocates who guide you every step of the way.

Whether you're in yachting, marine, or simply a U.S.-based business looking to improve your benefits, we are here to help and make the process easier.

Ready to explore your options? Let’s talk.

Sources

● Mercer. (2024). Health & Benefits Strategies for a New Era.
https://www.mercer.com/en-us/insights/total-rewards/employee-benefits-strategy/2024-benefit-strategies-report/

● Kaiser Family Foundation. (2023). 2023 Employer Health Benefits Survey.
https://www.kff.org/report-section/ehbs-2023-summary-of-findings/

● Society for Human Resource Management. (2024). SHRM Employee Benefits Survey.
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/2024-benefits-survey.aspx

A new year is upon us, which means that many of you are planning out the year ahead and have a general idea of your goals and targets. But one area you may not have considered thinking about is your insurance. More specifically, how using a broker can help you!

Time and time again, we come across people who have the wrong idea of what an insurance broker is and why they are actually advantageous to the consumer. So, how can using a broker help you have a successful year, you might ask? Simple, we work for you! Think of us as another employee or someone you have contracted to work to get you the best coverage, the best price, and continue to work on your behalf all the way through any potential claims. It is important to take the time to find a quality, reputable broker to work with you in fulfilling your insurance needs. Not only will it be time well spent in the beginning when finding a plan, but it will also serve you well for the entire time that you have private health insurance needs, on a yacht or wherever your travels may take you.

What Does a Broker Actually Do That You Cannot Do Yourselves?

First, they spend all day, every day dealing with insurance. They know the insurance industry, they live and breathe insurance, and they understand all the confusing terminology and phrases, which hopefully they can explain to you in a straightforward, no-nonsense way. They also know the insurers, and the people who work there, which is a significant advantage over you calling a toll-free number and hoping for the best.

Second, insurance brokers evaluate and research the marketplace on a regular basis. A reputable broker knows the dynamics of the insurance industry, what the headlines are, what is no longer relevant, and which carriers provide consistent service. Nothing is more frustrating than finding an insurance plan that fits your needs, only to realize at time of claim that the company does not deliver.

Finally, as stated before, a broker advocates and works on your behalf. When a situation arises where a helping hand is needed, you can turn to your broker for assistance, leaving you to continue to concentrate on your work.

But What About Costs?

Have you ever heard the saying, “brokers make you broker”? That saying could not be further from the truth. In contrast, working with a broker can save clients both time and money, in addition to frustration. Insurance brokers receive their compensation from insurers, but that does not (or should not) cloud the judgment of a good broker to recommend whatever policy is most appropriate to the situation as presented by you, the client. At the end of the day, utilizing an expert for the same price as doing everything yourself can only have a positive impact on your bottom-line.

Brokers Can Offer More of a Selection

One benefit of an insurance broker is the selection of policies and plans. Typically, brokers can help you select insurance from a variety of different companies. Different insurance companies offer different plans, so having access to plans from multiple companies can afford you the opportunity to find the coverage that fits you best and fits your budget best.

Also, depending on the insurance brokerage they may sell different types of insurance, allowing you to have a one stop solution for all your insurance needs.

Brokers Do Much More Than Sell Insurance

While brokers may act as the middleman between you and the insurance company, they can be so much more than that. An insurance broker will conduct research for you, file and assist you with the claims process, and work to get you the best coverage option for your situation. Often times a broker has direct connections with decision makers at the insurance companies so you may not have to sit on a 1-800 line for a long time, only to learn someone doesn’t have the authority to help you. Brokers also know which carriers provide consistent service, allowing you to avoid companies that may not deliver the level of care that you deserve at time of claim.

We Work for You!

As brokers, we do not work for any insurance company, we work for you! Our goals are to please you, and make sure all your questions and concerns are handled. If you think about it, with all the benefits of using an insurance broker, it is certainly better than just going out and buying a policy from an insurance agent. Will an agent fight for you and your best interests?

What sets MHG apart from other brokers?

MHG is one of the leading companies to push for crew benefits across both the yachting and cruise industries. 30 years ago, the marine industry started to boom, and MHG has been there from the beginning championing the wellbeing and livelihoods of crew members around the globe. 

With our growth in the industry and MHG becoming more and more diverse, MHG also began to offer other areas of coverage such as travel, travel medical and life.

As you can see, using an insurance broker offers a number of benefits, from saving you time, money, stress, etc., helping you focus on your upcoming year ahead. Are you interested in working with an insurance broker to help you achieve your goals? Contact MHG today! Give us a call at 954-828-1819, or visit mhginsurance.com.

This past year has been unique to say the least, some have prospered while it may have been a challenge for others. Overall, it seems like there is now a light at the end of this tunnel. The COVID-19 pandemic has had an impact in every industry in every corner of the world. While the effects of this pandemic are obvious, there are some potential impacts that you may have not considered and should be brought to your attention sooner rather than later. After all, with so many job openings, you want to do everything you can to stand out from the competition.

According to Forbes, The percent of small firms reporting open job positions reached a 47 year high at 48% in May’s NFIB Small Business Economic Trends survey. Over 60% of business owners report a shortage of labor, over 20% characterizing the shortage as “critical” to business operations. Over 80% reported a loss of sales due to the labor shortage, 19% experienced serious losses. These statistics show how important it is for you to prioritize your culture, as that is one of the first things employees consider.

What is important to my employees?

We recently conducted our own survey, where we asked, “What is most important to employees?”, and our findings raised some eyebrows, with the majority of employees saying that work/life balance was the most important aspect of a position. Other selections included compensation, opportunity for advancement, and benefits. One would have to imagine that the results would have been very different before the pandemic, as employees have gotten accustomed to working from home, enjoying more time with loved ones, and having the necessary flexibility for a healthy work/life balance.

What can I do to assess my company’s culture?

First off, one of the best things a company can do is to have open lines of communication with it’s workforce. Schedule regular meetings and one on ones between employees and decision makers to get the necessary feedback to make any changes if needed. Also, it is crucial that you LISTEN to each employee, as everyone has different experiences and different interactions. You may find that lose who are lower in the chain of command have the most to say, and that is how it should be, as they often have the most contact with clients.

It’s time to go to work

While industries are pleading to get people back to work, it’s time for you to get to work on obtaining the company culture that you wish to implement. There are steps to take if you want to improve, and steps to take if you want to sustain.

Selecting the right health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best Employee Benefits for your team. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com.

Life insurance is not always a topic that people want to discuss for obvious reasons, however, given the state of the world, it needs to be at the forefront of everyone’s minds when it comes to your future plans. According to Bankrate, “54% of Americans had life insurance coverage in 2020.” As we’ve seen over the past year, anything can happen, and it is always better to be prepared and not need, than to need and not be prepared.

What does Term Life Insurance mean?

Term life insurance refers to a type of life insurance policy that offers coverage in the event of a tragedy for a specific amount of time, or a "term". Depending on how long you need coverage for, and the amount of coverage you need, term policies can protect your loved ones from 5-30 years with a death benefit anywhere from $100,000, to possibly as much as 25 times your salary.

Why Term Life Insurance over Whole Life Insurance?

There are essentially two basic options when it comes to life insurance:

• Term Life, also known as temporary life insurance.
• Whole Life, also known as permanent life insurance.

Term life insurance may benefit you from several standpoints. Most importantly, it is more affordable than whole life insurance, given an equal coverage amount. That is because the coverage is only for a limited time, rather than for the rest of your life, so there is no guaranteed payout which means less risk for the insurance company. The additional money left in your pocket can be used to invest and build assets for when your term is completed.

When to buy Term Life Insurance?

As you now know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

• Did you just have a child?
• Did you recently get married?
• Do you have a mortgage?

These are 3 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, to cover your spouse until sufficient assets are acquired, or until your debt is paid off.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Have further questions about life insurance? Give us a call! Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

In today’s world, employers and employees alike are looking to find an edge over the competition. Receiving benefits from your employer is something that all employees appreciate.

Why Offer Employee Benefits?

Statistics show that offering employee benefits is a key to inspiring a healthy and loyal workforce, as well as attracting and retaining the top talent. According to LinkedIn’s Global Talent Trends 2020 report, the number one reason Millennials leave their positions is because of compensation and benefits! Followed by advancement opportunities and more challenge. Many people still think of Millennials as a young group with little experience, however, that generation is now becoming established in a professional setting, as their ages range from early 40’s to late 20’s. Which means it is time to follow the trend!

Reduce Turnover

One of the major benefits of offering benefits is reducing turnover. While attracting top talent is important, retaining it is just as important. There are both tangibles and intangibles associated with hiring and keeping your staff, let us consider the knowledge, skills and abilities top talent take when they leave, consider the gap that is left until another candidate is up to speed which can be a long process. Additionally, the long-term strain of added responsibilities on the remaining staff can negatively affect morale leading to additional turnover. According to Willis Towers Watson , 78% of employees said they are more likely to stay with their employer because of their benefit program, so it would seem like a no-brainer right?

Save Money

It is time to talk about money, while it may initially reduce your bottom line, adding benefits could actually save you money, especially in the long run. According to TLNT Talent Management and HR, the cost of replacing an employee can range from 50% to 400% of their annual salary. Many decision makers do not think of the costs associated with a new hire, from training, classes, tools and equipment, etc. Those are just the tangible costs, but there are several intangible costs as well, team fit, growing pains, and knowledge of products or industry.

Sustainability

One thing all businesses should be working toward is sustainability, which is the sweet spot between profit, people, and the planet, “the 3Ps”. Aligning your strategic objectives with your mission and values will contribute to your sustainability. Building and maintaining a good company culture has an array of positive outcomes the 3Ps, happy employees stay longer, they do better work and have a positive impact on your customers and the community. How do you build and maintain a good culture? Well employers who take a genuine interest in their employees well-being will create the best working environment. Providing the right employee benefits plays a dynamic role in one’s well-being.

Selecting the best health insurance plan for you or your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best health insurance plan for your situation. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

Are you trying to decide what type of insurance plan would best benefit your employee group? Let us help explain some options!

Preferred Provider Organization (PPO) is a type of health insurance plan that operates with a network of participating providers such as primary care physicians (PCP), doctors, and hospitals. Typically, costs are less when associated with providers that are within said network, however you can still use providers outside of the network for an additional cost.

As opposed to a PPO, a Health Maintenance Organization (HMO) is a type of health insurance plan that operates with a network of participating providers, much like a PPO, however there is no coverage offered if you use a provider that is outside of the network.

What is the difference between a PPO and an HMO?

The main difference between a PPO and an HMO is that a PPO offers you more freedom to see the providers you want to, whether they are in your network or not. While a PPO still operates with a network of providers, there is still coverage offered if you choose not to go within network.

What are the benefits of a PPO?

· Flexibility to see a primary care physician you like whether in network or not

· Freedom to see doctors and specialists without the need of a referral, including those out-of-network

Who does a PPO work best for?

While PPOs are considered to be a more luxury option, don’t let that label fool you, according to the Kaiser Family Foundation’s 2019 Health Benefits Survey , PPOs continue to be the most common plan type, enrolling 44% of covered workers in 2019. Even though they are the most common, those who benefit most from these plans would be people with chronic health issues, those that require to see a specialist often, or those who are elderly. Typically, the older you get, the more time you spend at the doctor, which is why a PPO is so appealing to people who frequent doctors, because they get a say in who they get to see. Maybe you are more comfortable with someone, or already have years’ worth of trust and experience with a specialist, sometimes these attributes can be seen as priceless.

Selecting the right Employee Benefits plan for your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for your employees.

In case you have not heard, this year marks MHG’s 30^th anniversary! As a result of that, it is natural to do some reflection and part of that is focusing on what has made and continues to make MHG so special.

What sets MHG apart from other brokers?

MHG is one of the leading companies to push for crew benefits across both the yachting and cruise industries. 30 years ago, the marine industry started to boom, and MHG has been there from the beginning championing the wellbeing and livelihoods of crew members around the globe. So really and truly, MHG is more than an insurance broker, we are a wellness company!

With our growth in the industry and MHG becoming more and more diverse, MHG also began to offer other areas over coverage such as liability and casualty, travel, and life.

What are common mistakes other brokers make?

A good insurance broker is an asset, not a hurdle. Brokers get a bad reputation, no matter what industry they are in. Part of that is the notion that they are in it for themselves. When it comes to MHG, that could not be further than truth, we pride ourselves on working for you, not the insurance company. If more brokers operated that way, the way they are supposed to, they would be viewed much differently.

What is the best piece of advice you could give to a potential client?

Take your time and do your research. Find a broker who is knowledgeable about the specific type(s) of insurance you need. Follow the broker’s advice, which should not always be to buy the cheapest or most expensive policy. In fact, cost alone should never be the deciding factor when choosing any insurance policy.

Having proper insurance is important. MHG is your specialized broker when it comes to marine specific insurance. Our insurance specialists have the knowledge and experience to find the policy that works best for you. If you are interested in purchasing, or have any questions about yacht crew insurance or travel insurance, please contact us at +1 954 828 1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.

The working world is ever changing, especially given the events of the past year. While businesses are performing self-analyses to see where they can save money such as working from home, less travel, etc., one area that should be reinvested in is employee benefits!

How much do benefits cost per employee?

There is no one answer to that questions and are based on many factors, however according to the Bureau of Labor Statistics , the average cost of employee benefits for employers in December of 2020 was $12.07 per hour. As you know, there are companies that have extensive packages, and some that offer the bare minimum, so the real questions should be, “How much am I willing to spend on benefits for my employees?”

What benefits are critical?

The short answer, all of them! However, we understand that businesses and companies have a budget, and in order to give a proper recommendation, we would have to understand what your overall goals are, and what you are trying to accomplish. Are you trying to limit employee turnover? Are you trying to attract high level candidates? How much of an investment is it to fully train a new hire? These are just a few questions you can ask yourself in order to get a better understanding of where you currently stand, and how you can potentially improve. After all, the best prospect is an existing client, the same can be said about your employees!

That being said, while health insurance is a given, the other most critical benefit to include in your benefits package is disability insurance. Protecting your employee’s well-being in the event that something happens to keep them from being able to perform their job is increasingly being viewed as a necessity.

What benefits are a bonus?

Something that is pretty cost effective for the benefit it provides to your employees is Group Life Insurance. While most businesses that offer benefits to employees have a well-rounded approach, life insurance is an option that protects more than just your employees, but their loved ones as well. Offering life insurance can definitely be a way to set your business apart from the competition.

How Can I Obtain a Benefits Package for My Employees?

Give us a call! Selecting the right health insurance plan for your employees can be a difficult task, but the experienced insurance brokers at MHG are glad to help you sort through the terminology and key features to determine the best Employee Benefits plan to meet your requirements. Our Insurance Specialists will help you assemble a complete insurance offering that includes health insurance, gap insurance coverage, life insurance, disability, and more. Call us today at 954-828-1819 or visit us online at mhginsurance.com for help in selecting the ideal health insurance plan for you and/or your employees.

What is the best age to get life insurance?

There is no right answer when it comes to the right time to purchase life insurance, however one thing will always remain the elephant in the room… your age!

There is a reason that cost of life insurance increases as you get older. As you age, the risk for underlying health issues increases, which impacts life insurance premiums, and could even disqualify you from being able to acquire coverage.

So, to put it simply, the best time to buy life insurance is now!

Who should buy life insurance?

According to Bankrate, There are three groups wo always need life insurance: married couples, people with dependents, and co-business owners. While that is a great model to follow, we feel that everyone should pursue a life insurance policy in order to lock-in rates now, potentially saving thousands by the time someone decides to pursue a policy after having a life changing event.

For example, if you decide to purchase life insurance as a 25 year old and are single with no kids, it can save you thousands of dollars of premium obtaining a policy now rather than waiting until you are 35 and have a family.

When to buy Term Life Insurance?

As you know, term life insurance covers you for a temporary amount of time. One of the biggest factors in determining when to buy a term life policy and is anticipating when and how long others may be dependent on your income.

· Did you just have a child?

· Do you have a mortgage?

These are 2 of the most common reason people elect to purchase a term life insurance policy. Coverage until your child is grown, or until your debt is paid off.

When to buy Permanent Life Insurance?

With a permanent life insurance policy, also known as whole life insurance, the major benefit is that as long as you continue to pay the premium, the coverage remains in force until you die. Another benefit is that you can build tax deferred cash value as your premium contributions collect. While you obviously have a death benefit to cover loss of income, this type of life insurance gives you a benefit that you can use throughout your life depending on how early you purchase a policy.

· Did you just get married?

· Do you co-own a business?

The cash value that you build may be used for any purpose, such as a down payment to purchase a house, money for college, retirement, etc. and there could be tax advantages as well. From a business standpoint, having yourself and your business partner insured can help to continue operations in the event something were to happen to one of you. Perhaps allowing you to buy-out the other persons share of the business; however, these are details that need to be worked out before pursuing a policy.

Do you want to leave more to loved ones? Cover potential loss of income to the household? Then you will need to account for your debts and add more coverage beyond them in order to leave a legacy. Our experts can help you formulate what amount would be best for you in your situation and budget in this case, or any case for that matter. Contact us today at 954 828 1819 or visit us online at mhginsurance.com for a quick and easy quote!

Receiving benefits from your employer is something that all employees appreciate. The question is who is eligible to receive benefits, and when is it required for an employer to offer them.

Who Can Qualify for My Employee Benefits?

There is a short answer and a long answer. The short answer is “eligible employees”. However, there are many different scenarios where more people may qualify.

Eligible Employees

“Eligible employees” which is sometimes defined by the health plan and the group’s employee handbook. Generally speaking, it is full-time employees working at least 30 hours per week. Businesses have no obligation to offer health insurance to part-time employees. However, not every company is required to offer benefits to their full-time employees, but if there are more than 50 full-time workers on the books, then that company is required to offer healthcare benefits, covering 50% of the employee premium of the lowest cost health plan. Some businesses elect to cover even more of the premiums as an additional form of compensation.

Dependents

Per certain rules and laws, eligible dependents are defined as a “qualifying child” or “qualifying spouse or domestic partner”, but premium responsibility is based on the defined employer contribution. To claim a child as a dependent, they must meet the qualifying criteria, which means they must be a certain age, which is based on the selected policy and the home state of the group. An employer is not required to cover the premium of any dependents, and it is typically deducted from the employee’s paycheck. However, some businesses also elect to cover a portion or all of the premium as another additional form of compensation.

Spouse or Partner

In some places, the only way to get health insurance for your partner is if they are your spouse. Depending on the company and the health insurance, you may be able to add someone to your plan if they are your domestic partner. If that scenario applies to you, it’s important to clarify the requirements ahead of time, and ask questions!

Choosing the right Employee Benefits for your team can be a daunting task. However, the knowledgeable insurance brokers at MHG are eager to assist you in understanding the terminology and key features to identify the best employee benefits plan for your needs. Our Insurance Specialists will work with you to create a comprehensive insurance package that encompasses health insurance, gap insurance coverage, life insurance, disability, and more. Contact us today at 954-828-1819 or visit mhginsurance.com for expert guidance in selecting the perfect health insurance plan for you and/or your employees.