- Benefits By Design
New Benefit Year, New Benefit Checklist
Thank you Benefits By Design for putting together this informative checklist
With the start of a new calendar year comes a new benefit year, providing a fantastic opportunity to review your existing benefits plan (or start one up). Fortunately, we’ve developed a four-point checklist for you to do just that!
#1. New Benefit Year, New Benefits Plan?
The beginning of a new benefits year is an excellent opportunity to review your employee benefits plan and determine if it met the needs of your employees in the previous year. You can add or remove insurance coverage to ensure that the money you’re investing in keeping employees happy and healthy is doing what it’s supposed to.
#2. Review the Plan with Employees
A new benefit year is a great time to review your benefits program with employees. You can remind them of their coverage, how to make claims, where to find information and more. Depending on your plan set up, certain coverage or allotments may “reset” in January, including maximums for paramedicals or dental, so it’s a timely reminder for all.
#3. Review and Update Employee Information
The beginning of the new year is an excellent time to review employee information and ensure everything is up to date. A lot can change from year-to-year, including employee salaries, beneficiaries and dependents, legal names, and more.
Accuracy of information is essential, but especially in employee benefits! Certain benefits like Life Insurance and Disability can be dependent on salary, so salaries should be updated promptly.
#4. Speak with Your Advisor
This one is arguably the most important thing on the checklist: book a meeting with your group insurance Advisor this year, outside of your renewal.
Take the opportunity to review your benefits plan together, develop a communication plan for your employees, and ensure information is updated. Ask questions in advance of your renewal like:
- Is my plan meeting the needs of my employees?
- How is my groups’ experience looking?
- Are we on track for a good renewal?
Taking on activities like these early in the year can set your benefit year up for success.
We are happy to do a review with you to see if your benefits are still a fit with you and your company. We can also do a review of the benefits offered with your staff where we can come meet with them and provide an overview of their benefits plan.
We are here to help you and your company with their benefits plan. Let us know how to help!