5 Simple Steps to Renewing Your Benefits Programs
Planning ahead is the best strategy you can use when it comes to your Employee Benefits Program. Typically, in a renewal cycle, there are three major considerations: changing plans, contributions, and Carriers.
Here are 5 simple steps to keep your benefits program running smoothly throughout your renewal process:
1. Review
First, make sure you are working with a Benefits Specialist you trust and who can provide you with the guidance that fits your company’s needs. The focus isn’t just on your employees but it’s also on maintaining your bottom line. Here you will experience a formal review of your current program so you can control and create more options. However, keep in mind the renewal process will need to start at least 6 months prior to your benefits expiration date.
2. Plan
Now it’s time to plan out what Benefits Plan offerings you want to add or change. A good Benefits Advisor will make suggestions based on your and your employee’s needs including financial wellness and mental health. This will give you the advantage to retain talent by providing a competitive benefits package to your employees at an affordable rate.
3. Confirm
Once you have made your choices for the upcoming plan year, your Benefits Specialist team will work closely with you to ensure the communication pieces and platforms are in place. In addition, they will oversee that all information for your benefits packages is correct.
4. Employee Elections
Now it’s time for the Open Enrollment period. This is when communication and meetings are rolled out to employees to select their plans for the upcoming year.
5. Completing New Plan Year Process
Finally, after the plans have been selected and submitted to corresponding carriers and vendors. The new program will take effect with new ID cards being issued to members.
It’s important to give yourself enough time when reviewing your Benefits Programs and to not push it off until the last minute. Offering a competitive Employee Benefits program is critical to attracting and retaining employees. It’s never too early to start planning! Speak with one of our Benefits Specialists today for your free Program review!
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