Those who hold the charge of managing the annual renewal of a company’s group health plan are familiar with the feeling of uneasiness and uncertainty that undoubtedly occurs during that time of year. The journey to a successful annual renewal should begin at least a couple of months in advance of the plan’s effective date. It can be an onerous process that involves multiple factors and considerations, such as:
- Changes in the size of your workforce
- Geographic locations of workforce and other covered affiliates
- Type of plans and coverages to offer
- Plan design regarding levels of coverage vs. costs
- Networks and providers and facilities within the networks
- Understanding how utilization and workforce demographics affects costs
- Shop multiple carriers for most suitable coverage for your workforce
- Ability to negotiate premiums costs
- Determining employer’s level of premium contribution
- Affordable Care Act compliance
- Coordination of all benefits offered
- Educating workforce and conducting enrollment meetings
- Technology available for enrolling and managing processes
- Supporting workforce during the enrollment
- Processing enrollments with carriers and payroll vendor
- Ongoing administration
One thing is for certain during an annual renewal: No one likes surprises. This is only one reason why a seasoned and licensed insurance broker is vital when designing an employee benefits package. A good broker will steer the boat through the ever-changing and choppy waters of group insurance planning and execution.
LBMC Employment Partners’ benefits brokerage services will partner with an employer to guide, educate, analyze, communicate, and negotiate all things insurance. Our brokers have established relationships with major insurance carriers and are comfortable rolling up their sleeves and working hard to be a solid advocate for their clients.
Before your next enrollment season, consider reaching out to our LBMC Employment Partners professionals. They will be happy to review your existing benefits package and help you design, shop, and execute a successful renewal and enrollment.