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7 Questions to Ask When Approaching Benefits Renewal

By September 8, 2023Personal Insurance

As the renewal season for your group benefits plan comes around, you might wonder if it’s time to reevaluate your plan. The answer is yes! Now is the perfect time to make sure your group health insurance and other benefits are in sync with the evolving needs of both your organization and employees. Making well-informed decisions during the benefits renewal process can profoundly impact your company’s financial stability and overall employee well-being. 

Below, we’ve compiled an in-depth list of seven essential questions you should consider as you approach your insurance policy renewal.

1. Has Our Employee Demographic Shifted?

The first step is to assess whether there have been any significant changes in your employee demographic since the previous benefits renewal. Changes in the size of your workforce, their age distribution, and their specific needs can play a vital role in determining the type and level of coverage that will be most beneficial. We can help you tailor your group benefits to match the evolving profile of your current workforce and optimize the value of your coverage.

2. Are We Adequately Addressing Employee Needs?

While you may be tempted to set it and forget it, when it comes to insurance plans it’s important to engage with your employees and actively seek their feedback on their experiences with the current plan. 

Are they content with the coverage options and the level of support provided? An open dialogue with your workforce allows you to gain valuable insights into their concerns and preferences so that we can fine-tune your insurance policy to better align with their needs and expectations.

3. What Insights Can We Gain from Benefits Usage?

Uncovering patterns in healthcare utilization can be a huge benefit to your organization, but you should also consider the usage of other employee benefits as well. Are there a significant number of different medical plans offered but your team really only chooses between one or two? Do you offer pet insurance to a team without pets? Or extensive transit benefits in an office that primarily commutes by car? Knowing exactly what benefits your team uses can provide insights into the most valuable benefits to your employees and highlight where additional coverage might be warranted. Proactively addressing usage trends ensures that your policy remains relevant and continues to provide meaningful employee benefits for years to come.

4. How Have Industry Regulations Evolved?

The insurance landscape is subject to ongoing regulatory changes that can significantly impact coverage requirements, tax credits, and overall compliance. Staying up-to-date with any recent or forthcoming regulatory shifts in the industry is important. That’s why our trusted insurance agents are here to help you ensure compliance with these regulations, avoiding penalties and providing comprehensive and up-to-date coverage.

5. Have Your Benefits Needs Progressed?

Take a moment to reflect on whether the group benefits landscape has evolved since the inception of your group insurance policy. Are your competitors offering new benefits, such as mental health support or wellness programs? You can demonstrate a forward-thinking approach to employee well-being and contribute to greater employee satisfaction and retention by accommodating these emerging needs.

6. Are We Optimizing Cost-Efficiency?

The benefits renewal phase is a great time to evaluate the cost-effectiveness of your current policy. It’s essential to ensure that your employees receive valuable benefits but we want to try to do this without imposing undue strain on your organization’s budget. Consider premium rates, deductibles, and copayments to determine if adjustments are necessary to strike the right balance between coverage and cost.

7. Have We Explored Alternatives?

Before finalizing your renewal, you should explore other insurance policies to compare their offerings against your current policy. This competitive assessment can provide valuable insights into potential enhancements and opportunities for cost savings.

At Unity Insurance, we understand that the insurance policy and benefits renewal process can be intricate and overwhelming and we’re here to help you conduct a thorough review to ensure that you’re getting the best value for your investment. 

Our team of seasoned experts is dedicated to assisting you in navigating these essential questions and tailoring your group benefits plan to align perfectly with your organization’s objectives and your employees’ needs. With our unwavering commitment to delivering exceptional service and comprehensive coverage, you can confidently approach your renewal knowing that your organization’s well-being is in the most capable hands.

For more information about our comprehensive group benefits insurance policies and how our expert team can guide you through the renewal process, please don’t hesitate to reach out to us. The experienced agents at Unity Insurance are here to help!

Speak With An Agent At Unity Insurance About Your Group Benefits Needs Today

Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business. 

Our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options. We work with our clients to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.