1. Define your benefits strategy.
· What do you want it to achieve?
· Is it a checked box or a strategic tool?
· Will you be adjusting the plan approach by reallocating resources, promoting wellness, or rebalancing plan design?
· What do you really want the employee benefits package to do for the business?
· Attract top talent?
· Support retention?
· Increase satisfaction
2. Review your current benefits offering. This is the plan design … the blue print for what reflects your corporate culture on how you “care for” your staff.
· Are there other benefits that could enhance the coverage and be attractive for “talent” retention?
· Have you reviewed MP Benefits Inc. Benchmarking?
3. Evaluate employee needs and preferences. Feedback is a key performance indicator (KPI) for the sustainability of the plan, based on how engaged people are with their coverage.
· How is the plan working?
· How can the plan be improved?
· What is the one thing to do differently?
· This is also a good opportunity to review how the plan is administered.
· Are the many resources available, such as the “Just-in-Time” benefit library being utilized?
4. Analyze costs and budget implications. This involves not only looking at what the plan cost, but whether the plan does its job in paying claims as expected.
· Have you reviewed what is actually being submitted, compared to what is eligible under the plan and what was reimbursed?
· How much are the employees out-of-pocket with after-tax dollars based on what is not being covered, but expected, on the benefit plan.
· How are the co-insurance levels and overall maximums impacting claims?
5. Plan your employee communication strategy. The more employees understand about their coverage and where to go for answers when they need them, the more engaged they become.
· This is a significant culture builder. One study found that while 73% of employers say they want to improve communication around benefits, only 33% have developed formal communication guidelines. That kind of 40 point gap is how benefits programs fail to achieve their intended objectives.
· Allow us to help make sure your priorities are matched by actions. Remember, even the best employee benefits package will fall flat if your employees don’t understand it or, worse, feel blindsided by changes.
· Benefits form a critical component of overall compensation; however, if this is not effectively communicated, the “value” of the plan is lost to the members who utilize the coverage and it runs the risk of being something that is taken for granted as an entitlement, instead of a benefit perk.
6. Understand how the plan is priced, how it has been used and what may be missing. This is what drives value for both the corporation and the employees for which the plan is intended.
· Understand the cost drivers. Is it rising mental health claims or new high costing prescriptions.
· When reviewing cost sharing, examine the tax consequences for both employer and employee in the event of claim. If employees are contributing 50% to the overall premium via payroll deductions, have you analysed the out-of-pocket, after-tax expenses incurred due to plan design constraints, like co-insurance and overall maximums. This will play a pivotal role in employee satisfaction with the plan.
7. Work with us to gather the information you need to make informed decisions. We offer targeted support to ensure your spending is focused on the benefits that matter most, enabling personalization and helping employees make better decisions.
· Using your benefit consultant improves your ability to negotiate with the benefit carriers.
· Understanding how a plan is used can actually improve results and redefine the pricing strategy for performance.
· A benefit advisor makes renewal communication easier by capitalizing on their expertise to simplify complex plan details, prepare clear employee ready resources, and anticipate questions.
· When the answers are more complex, your expert advisor will know where to source the correct answers. This removes stress and additional workload from those tasked with plan administration.
With the right strategy and mix of benefits customized for your organization, businesses can take control of the renewal process, reduce unnecessary costs, stay compliant, and deliver a stronger benefits experience to your team.
A well-managed employee benefits package can improve satisfaction, boost retention, and even enhance the corporate employer brand. With our customized support, every step is faster, smarter, and easier.
When it comes to the plan and rate negotiation period of your renewal, this is where a good benefits consultant can really help. Work with your consultant to create a multi-year benefits strategy that can help guide your future renewals based on your employees’ needs and company financial goals.
It is time to have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· Challenging the notion of the Lifestyle Drug
· The value of a thorough analysis
· Why place a benefit plan in first place
Note: From a human’s mind … this was written without the aid of Artificial Intelligence (AI)
Disclaimer: Please note that the information provided, while authoritative, is not guaranteed for accuracy and legality. The site is read by a world-wide audience and employment, taxation, legal vary accordingly. Please seek legal, accounting and human resources counsel from qualified professionals to make certain your legal/accounting/compliance interpretation and decisions are correct for your location. This information is for guidance, ideas, and assistance.
