For most employers, health insurance evaluations and renewals take place in the chaotic, year-end weeks leading up to January 1. With last year’s benefit changes firmly in the rearview mirror, the summer may seem like the polar opposite time for discussions of rate increases, alternative funding methods, and contributions strategies. However, it should really be thought of as a perfect time to let consultants do what they do best: review your existing benefits package and provide feedback on what to consider when the time comes to make your renewal decisions.

While this might not be at the top of your to-do list right now, fear not! The amount of information needed is minimal, and a fresh set of eyes can give you some perspective that you may not have considered in the past. With no looming deadlines and time to thoughtfully consider what makes sense for your organization, you can go into your next renewal season with a focused objective, instead of feeling pressured to make quick decisions. Here are a few things to consider:

  • Goals – what are you trying to achieve with your benefits package? Is it cost containment? Offering your team members best-in-class benefits? Maybe a combination of both? Having clear, mutually agreed-upon goals can make a big difference in your plan’s effectiveness and overall satisfaction.
  • Data – are you analyzing it and using it to make appropriate decisions? While smaller companies may not get traditional data from insurance carriers, there are many other sources that can be considered when assessing risk and employee satisfaction.
  • Education – for both employers and employees. As an employer, do you feel up-to-date on all of the legislative and compliance changes? Do employees understand their benefits enough to make an informed decision and know the true value of their benefits?
  • Advocacy – employers and their employees should have a dedicated team to whom they can turn to help with everything from replacing ID cards to assisting with complicated claim issues.
  • Human Resource Information Systems (HRIS) – these help you streamline your benefits administration and manage your employee data more efficiently, to save time and money.

Now, more than ever, cost savings and quality of care are at the top of the list when it comes to evaluating employee benefits. Bond Benefits Consulting can provide a comprehensive benefits review that can help you enter open enrollment season confident and prepared, removing many of the stressors surrounding your employee benefits administration.