Scrolling through emails, you see one from your employee benefits plan provider flagged as urgent. You click on it and do a quick scan. It’s a notification that your organization’s benefits plan is up for renewal. You already have a desk full of urgent matters, and now this? It feels like there isn’t enough time or people power to get it all done. We can help! This three-step guide will give you all the information you need about the renewal process and how to get a great plan on a budget.

Step 1: Obtain and review the data

This step is where you will gather information and analyze it. Ask your benefits plan provider to send you the claims experience data for the last few years. 

This information will tell you

• Which benefits are the most used,
• Which benefits are under-utilized,
• Changes in usage trends, and
• Industry benchmarks.

As you analyze the information, look for gaps in the current benefits offerings. Seeking feedback from employees is one of the best ways to identify how to strengthen the benefits plan. Talk to employees, listen to what potential candidates are asking about, and make a note of plan deficiencies mentioned in exit interviews. 

Before you move on to the next step of the renewal process, confirm the actual costs paid for the current plan. Also, document recent and projected organizational changes that might impact the benefit plan. For example, has the organization transitioned to remote or hybrid work? Will there be a significant change in staffing levels over the next few years? 

Step 2: Know your options

The world of work has changed significantly since 2020, and employee benefits plans have kept pace with these changes. Plan providers have introduced new evidence-based and innovative products.

• Digital health solutions are now widely available for counselling, medical advice, occupational therapy, physiotherapy, and specialist consultations.
• There are more options for gender-affirming care.
• Benefits plans offer programs that align with the latest medical and scientific research in disability and chronic pain management.

There are many impactful products and services; you just need to ask about them. 

Plan design is more flexible than ever, and employers are choosing a hybrid option. This allows them to provide medical and dental benefits as well as spending accounts that can better meet the unique needs of each employee. 

Step 3: Negotiate

You do not have to accept the first price and plan design offered by your chosen benefits plan provider. You don’t even have to accept the second or third. Use the negotiation period to ask for things like

• Plan add-ons, modifications, and omissions;
• Additional cost-saving strategies and incentives;
• Refunds; and
• A reduced rate.

If you are unsure how to deploy an effective negotiation strategy, using a benefits broker can be a huge help! When we work with organizations like yours, we use our industry-specific insights and insurance expertise to push back and get the best plan possible within your budget.

The benefits plan renewal process takes time, effort, and expertise. Working with a benefits broker is one of the easiest ways to help the process go smoothly and result in a plan enthusiastically approved by employees and the head of your finance department.