Four Ways Business Owners Can Save Money During Benefits Enrollment

Open enrollment season is here, and with it comes a critical opportunity—and risk—for business owners. Employee benefits are one of your largest expenses, and if you’re not proactive, you could be paying far more than you should. This post outlines four key strategies every employer should consider to make sure you’re getting the most value for your benefits dollar.

1. Benchmark Your Rates—Now

If you’re not already tracking your benefits rates, start today. The average increase in premiums is around 2% to 4% per quarter, but many employers unknowingly experience double-digit spikes. If you see a sudden 20%–30% increase, something is wrong. It could be a plan change, a mistake, or—frankly—your broker not advocating strongly enough on your behalf.

Compare your rates with industry benchmarks and reach out to your broker if anything seems off. You’re paying them to monitor these details and negotiate better deals.

2. Align Benefits With Employee Needs

Being over-insured wastes money. Being under-insured frustrates your team and diminishes the value of offering benefits in the first place. Ask your employees questions like:

• Are the co-pays too high?
• Are there essential prescriptions or procedures not covered?

This feedback helps guide your broker toward plans that fit your workforce—not a generic template. The right fit boosts retention and recruiting.

3. Consider Voluntary Benefits

Health insurance is the 800-pound gorilla—but it’s not the only benefit you can offer. Consider integrating voluntary benefits like:

• Life insurance
• Accident coverage
• 401(k) retirement plans

Offering a broader range of lower-cost voluntary options can offset some of the rising expenses of health insurance without gutting the entire benefits package. Yes, it may mean reducing some core benefits—but it's a way to preserve value without breaking the bank. Remember, your business’s sustainability is what protects all employees long-term.

4. Evaluate Your Broker’s Performance

Your broker isn’t just a sales rep—they’re your front line during enrollment. If the process is chaotic, time-consuming, or error-prone, it’s costing you money. Good brokers simplify and support the transition, handling employee questions, paperwork, and compliance details efficiently.

If you're the one doing all the legwork—or if employees are confused and complaining—call your broker. You're paying them to manage this. Poor service here directly affects your bottom line and employee satisfaction.

Final Thoughts

Benefits enrollment doesn’t have to be overwhelming or expensive. With the right strategy—and the right support—you can avoid unnecessary costs, keep your team happy, and set your business up for long-term success. If you’re unsure where to start, Benton Oakfield can help review your current plans and broker relationships to ensure you’re not leaving money on the table.