4 Ways to Kickstart the New Benefit Year!
By: Benefits by Design | Tuesday January 7, 2020Updated : Thursday August 5, 2021
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. For example, you can:
- Use this as an opportunity to determine if it met your employees’ needs in the previous year.
- Add or remove insurance coverage to ensure that the money you’re investing in keeping employees happy and healthy.
- Survey your employees to determine if the benefits plan is doing what it’s supposed to (keeping them happy and healthy).
- Evaluate your benefits communication plan, and if you don’t have one — get started!
#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, share information and resources, and more!
Additionally, coverage or allotments may “reset” in January, including maximums for paramedicals or dental. If your plan includes a Health Care Spending Account (HCSA), allotments may reset at the same time.
The New Year also inspires a lot of employees to make positive changes with their resolutions. The beginning of a new year is a great opportunity to capitalize on the “fresh start” mentality by reminding employees of their coverage.
Therefore, 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! Be sure to confirm information for some of the most frequently changing information. For instance, consider the following:
- Employees salaries
- Beneficiary changes
- Adding Dependents
- Marital Status
- Name Changes
Accuracy of information is essential, but especially in employee benefits! For instance, certain benefits like Life Insurance are dependent on salary, so salaries should be updated promptly.
#4. Speak with Your Advisor
Finally, you should 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.
Free Download: The Employee Benefits Communication Package
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?
- Is my current plan design achieving my benefits philosophy?
Taking on activities like these early in the year can set your benefit year up for success.