Group benefits can be a great way to say thank you to your team and help provide access to the health and wellness services they may need. But setting up a benefits plan for your business isn’t a one-and-done process. You’ll need to keep in touch with your benefits advisor as your needs for coverage change.
Additionally, many group benefits plans have a renewal date. The renewal process for group benefits gives you a chance to review your needs, confirm your staff are happy with their coverage, and obtain quotes for new coverage.
There are a lot of ins and outs to insurance and group benefits, which is why it’s helpful to have support from a knowledgeable professional. We can help you get a good idea of what to expect when the renewal date for your group benefits plan approaches.
Understanding Group Benefits Renewal
Group benefits renewal is an annual process where you can revisit your company’s group benefits plan. There could be no changes and your benefits package simply renews for another year, but how often does nothing change in a year?
Perhaps there was a massive restructuring and the benefit needs in the company have changed. Or maybe rates have increased, so you want to get quotes on different services. Whatever your organization’s reasons, the renewal process can be an opportunity to confirm your group benefits plan meets your needs.
Are there Benefits to Renewal?
Many companies offer benefits packages to attract talented employees, but there are lots that don’t. In addition to meeting the needs of your current team, ensuring you have the right benefits package can give you a competitive edge by helping you remain attractive to new talent.
Things to Consider During the Benefits Renewal Process
There isn’t a one-size-fits-all answer to exactly how the renewal process goes. The size of your company, group benefits budget, and how aggressive you want to be in the benefits you offer can all impact the length or complexity of the process.
Do a Company-Wide Survey
One of the goals of a group benefits plan is often to attract and retain talented employees. A company-wide survey can be a good place to start the renewal process because it gives your HR department a chance to determine how satisfied your employees are with their benefits. The insight you gain from a survey could be invaluable when it comes to negotiating a benefits package.
Ideally, you’ll gather data from a survey a few months before the actual renewal date. That way, your advisor has plenty of time to work things out on their end and come up with packages that suit your needs.
Confirm Existing Data & Check for Updates
It’s rare that anything stays exactly the same. New employees, rate changes, and other documentation changes are possible. During the renewal process, you can work with your group benefits advisor to confirm everything is up-to-date.
Additionally, renewal can give you a chance to review all the details of your current coverage plan. After the survey you took, a thorough review can help you understand what (if anything) needs to change.
Get Quotes & Evaluate Them
With valuable information on what your company needs and wants for coverage versus what it currently has, you can start requesting quotes for new plans. Getting quotes is a significant reason why you’ll want to start this process early, especially if you’re anticipating changes.
Starting the process early can help provide enough time for your group benefits advisor to put together the quotes and for you to review the quotes and determine how you may want to negotiate around specific parts of your benefits plan.
Open Enrollment & Confirm Details
There could be instances where benefits can be modified throughout the year, but typically this happens during the renewal process. During the renewal period, you can open enrollment to your employees, giving them a chance to opt in or out of different services depending on the package your company has chosen.
How Soon Should You Begin the Group Benefits Renewal Process?
One of the main reasons for the benefits renewal process is to give your company and benefits advisor enough time to ensure the package is suitable. There isn’t a standard best time to start the process, but up to 6 months before may be ideal, depending on the complexity of the benefits package your company requires.
Stay in Touch with Your Plan Advisor
At Qopia Financial, we’re here to meet your needs with comprehensive support for a wide range of financial needs. From the customized services we offer to the resources we provide, we’re here to help you navigate and understand financial decisions.
If you have specific questions regarding your group benefits plan, give us a call. Our knowledgeable group benefits advisors can answer your questions and help you achieve the results you’re hoping for with your renewal process.
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