Group insurance policy renewals always seem to come around fast. But this year, don’t let them sneak up on you with a small group renewal review checklist that’ll guarantee you find the perfect policy for your company and its employees. Here are all the things you should do BEFORE the renewal deadline strikes.
1. Start Early
The first step of the small group renewal review checklist is easy: just get started! But it’s not enough to simply start looking at the paperwork; you need to start early — at least 90 days before your renewal date.
During this time, think about your priorities and discuss them with your broker. Consider things like price, benefits, and network access. Also be sure to discuss any issues you have with your current plan. Your broker should use this feedback to shop for plans that match your specific needs.
And if you’re not sure when your renewal date, contact your broker immediately to find out.
2. Review Renewal Options
After you’ve discussed your needs with your broker, it’s time to look over the options. According to the small group renewal review checklist, you should start reviewing options at least 60 days before the renewal date.
By looking at the options two months before the renewal date, you have plenty of time to ensure the selected plans meet your company goals and employee needs — and don’t forget to consider how the plans affect future hires, too.
If you currently or expect to hire out-of-state employees, check for PPO plans with nationwide coverage.
You should make a decision on a plan within two weeks of receiving the renewal information from your broker to ensure you have enough time to complete and submit the documentation.
3. Complete All Required Documentation
Get your pen ready because it’s time to fill out paperwork. Once you decide on a plan, submit all required documents to the insurance company for renewal processing. This also includes providing necessary documentation to third-party administrators (TPAs) handling COBRA or ERISA.
Double check all paperwork for accuracy and completion to prevent delays.
4. Begin an Open Enrollment Period
With the paperwork processed, the next step is to begin a two-week open enrollment period for your employees at least one month before the new plan’s effective start date. This is the time employees can review benefits, contributions, and network options; select plans; and complete all necessary paperwork.
Again, make sure all elections are submitted in time to process before the renewal date.
5. Update Payroll
The final step of the small group renewal review checklist is to get payroll ready for the new plan. Update payroll deductions for employees and dependents based on their plan selections and verify all plan changes are accurately reflected in payroll and benefits administration.
The last thing you want is to get through the entire renewal process and have issues once the plan goes live. Double and triple check that everything is ready for the effective date to ensure a smooth transition — and fewer headaches in the future.
Find a Small Group Plan that Works for You
Choosing the right small group plan for your business is a decision that will affect both your company and your employees. It’s important to get it right. And the best way to find the perfect plan is to work with a knowledgeable broker.
If you’re looking for small group insurance, contact us at Health Benefits Associates. Our team of local agents will help you find the right plan to suit your organization’s unique needs and make sure you get through the small group renewal review checklist without hassle. Schedule an appointment by calling 775-828-1216 today.
