5 Key Steps to Health Insurance Benefits Renewal
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Lily Palaj is vice president and client executive, employee benefits, at Kapnick. In her role as client executive, her primary focus is on delivering solutions and excellent service in the employee benefit insurance segment. Her career experiences have made her a well-rounded benefits expert. Working on the carrier side of the industry gave her detailed knowledge of the ins and outs of the business, while her time as the director of facilities and capital management for a large chain of senior living facilities gave her the ability to truly understand and empathize with the needs and concerns of business owners.
Group health insurance renewals are a key component of employee benefits planning and management. Organizations should know where they stand throughout the course of the year, with specific steps taken months in advance to ensure that the most suitable carrier and plan are chosen for your organization and employees.
These steps include:
Create a 3-5 year strategy. While your benefits program and related costs might not be where you want them currently, there are numerous strategies and tools to get you closer to your goals. At Kapnick, we work closely with clients to create a strategic roadmap.
Create an employee survey. Benefits are an essential component of talent retention and attraction. If you’re unsure of your employees’ feelings regarding their benefits, a well-designed survey can provide insights to help you and your advisor design an engaging plan.
Review the last year. Questions to consider with your Kapnick team:
- Were your employees happy with the plan options and premium contribution amounts?
- Was the organization happy with the program design and costs?
- Did you have higher-than-expected claims that might impact renewal rates?
- How did the past year’s experience fit into your organization’s long-term goals and benefit strategies?
Review claim utilization. If you’re an experience-rated organization, then your claims will impact your renewal rate.
Use your projection to prioritize. During your planning meeting, your Kapnick team will go over your renewal projection based on your past year’s experience. This projection, along with your long-term goals, employee and organizational budgetary constraints, and your survey results, allows us to prepare an analysis and ensure that your benefits plans meet your objectives.
We’re in a tough market, but with the right benefits consultant at your side, you have options. Kapnick can help. To learn more about how to optimize your benefits renewal process, contact us at [email protected] or 888-263-4656.
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