Renewals: What Businesses Need to Know

Tara Forshaw |

As April approaches, so does the employee benefits renewal period—a pivotal time to reassess and enhance your benefits offerings. With trends like digital wellness, telehealth, and expanded mental health support reshaping the landscape, now is the perfect opportunity to ensure your benefits plan remains competitive, sustainable, and aligned with your team’s evolving needs.

Key Areas to Focus On During Renewals

1. Demographic Updates
Each year, your plan’s demographics are refreshed to reflect changes in your workforce. Shifts in average age and composition can impact coverage needs and rates. Embracing these updates ensures your benefits stay fair, sustainable, and tailored to your current employee profile.

2. Rate Adjustments
Health and dental rates adjust annually to account for inflation, usage trends, and demographic shifts. These changes help keep your plan responsive while safeguarding long-term sustainability. If rising costs concern you, consider cost-saving strategies—like rebalancing employer and employee contributions or restructuring plan features—to mitigate impact.

3. Opportunity for Plan Changes
Renewals offer the perfect moment to evaluate whether your benefits package meets your team’s needs. Ask yourself:

  • Do employees feel their current coverage is sufficient?
  • Could enhanced mental health support, expanded dental care, or the introduction of wellness spending accounts provide greater value?
  • Are your contribution structures competitive within your industry?

By refining your offerings now, you can align your benefits strategy with both business objectives and employee well-being, while integrating trending benefits like telehealth services and digital wellness tools.

4. Administrative Review
Take this opportunity for a comprehensive administrative check-up:

  • Update employee records (new hires, salary changes, dependent updates)
  • Streamline claims processing using digital tools for a smoother user experience
  • Clearly communicate plan details to ensure employees fully leverage their benefits

A proactive review minimizes errors and enhances the overall benefits experience for HR teams and employees alike.

5. Planning for Retirement
For employees approaching retirement, it’s crucial to discuss transition plans. Ensure they understand their post-employment benefits options and take full advantage of any conversion or retirement-specific offerings. Clear guidance now can provide your team with confidence about their future coverage.

Need Help with Your Renewal?

If you have questions about your benefits renewal or want to explore updated strategies and customized plan options, we’re here to help. Reach out today to discuss your renewal strategy and optimize your employee benefits plan for success.