How to Prepare for Benefits Renewal Season

Benefits renewal season can be a stressful time for both employers and employees – but it doesn’t have to be. While you’re taking a look at your current benefits package, evaluating new options, and making important decisions about your healthcare coverage for the coming year, there’s a lot to think about. This affects your business, your employees, and even their families. 

Here are some tips to help you prepare for benefits renewal season and make the process as smooth as possible: 

Prepare And Plan 

Don’t go in blindly to your renewal conversation. You should know what to expect. Use what you have evaluated to bring creative solutions for your demographics, and check what your participation levels look like. Is there participation or is there rejection of your plan? Look at your desired outcomes for your benefits plan and ask yourself if they align with the goals of the organization. Finally, check if your plan is protecting your bottom line for the year to come. 

Review Your Current Benefits Package

Before you can make any decisions about your benefits for the coming year, you need to review your current benefits package. What’s working well? What’s not working? What changes do you need to make? 

Evaluate Your Options 

After you’ve reviewed and identified any needs, it’s time to evaluate other options. Work with your agent and take the time to do your research. Ask yourself this question: Is your plan tailored to you and the unique needs of your employees? 

Make A Decision

After you have evaluated your options, make a decision and feel confident about your plan and why you have taken the renewal you have chosen. By doing this you take control of the process and the associated costs. 

Preparing for benefits renewal season can be a daunting task, but it doesn’t have to be. You should never be surprised with your renewal or have a yearly task to shop rates, but instead, you should know throughout the year how your plan is performing. This is a vicious cycle that leads to a lack of control and visibility.

If you’re ready to get control of your benefits process, start here.