Open enrollment can be a stressful time of year for many employers. Our benefit advisors have put together a list of 5 steps to take to ensure that you have a smooth and successful renewal season this year.
1. Be prepared
It is important to have conversations with your broker throughout the year so there are no surprises at renewal. A key part to having a successful renewal is being as prepared as possible. Have a good idea how your claims are running and what the overall trend in the market is. Our quarterly Benefits Brew newsletter is a good tool to gain market insight from.
2. Think outside the box
The rising cost of healthcare is no longer a surprise to employers. In order to stay competitive, you need to be thinking of ways to reduce costs while still offering comprehensive benefits. This is an area where you should rely on your broker for advice. It is the brokers job to stay up to date and bring you fresh and new ideas to make sure you are getting the most value out of your benefits investment.
3. Know your employees
It’s always a good idea to get input from your employees. Make sure you know what benefits mean the most to them and what types of plans they would like to have. We recommend surveying employees on a regular basis to be sure you are offering benefits that match their needs. Knowing what benefits are important to your team will also help recruit the best talent.
4. Evaluate all funding strategies
Make sure you are in the right funding strategy for your business. There are many options to consider in today’s market landscape. It is important that you consider them all and make sure you are comfortable with the route you take.
5. Start early
Don’t wait until you receive your renewal from the carrier to begin the process. Have conversations, gather information, and do as much as possible prior to receiving your renewal. Make sure you have a gameplan setup and renewals will become a “non-event” for you and your business.
If you have any questions about open enrollment as an employer, reach out to our team at benefits@acceladvantage.com. We are happy to help!