Your benefits plan is probably the second- or third-largest expense for your business, and it deserves the attention that reflects its impact on your company. (Photo: Shutterstock)
The end of the year ushers in a number of important dates, and amidst all the holidays and festivities, many employers also have to focus on their upcoming benefits plan renewal. Business owners have long been convinced that their renewal must take place at the end of the year, or at the very least, they've become so accustomed to that annual routine that they haven't even thought about scheduling their renewal for a different time of the year.
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The reality, however, is that you can reschedule your renewal for virtually any time of the year if you're working with a great benefits advisor. By pushing your renewal to a different date, you can avoid adding any more big changes to an already hectic time, and your advisor can help you navigate such an important switch.
Making time for change
One of the biggest challenges for many businesses toward the end of the year is the amount of time employees spend away from work. In addition to the company-wide days off like Thanksgiving, Christmas, and New Year's Day, many workers also try to fit in their annual vacation time during the final two months of the year. This can be challenging for business owners trying to renew a plan that impacts their entire workforce.
Imagine how moving your renewal date ahead could combat this struggle. With the holidays over, you and your employees can come back to work feeling refreshed after some time off. Plus, with those sporadic days off out of the way, you can comfortably schedule educational meetings for your employees to ask questions about any changes to their plan without worrying that a large number of them won't be able to attend.
Focusing on what matters
Your benefits plan is probably the second- or third-largest expense for your business, and it deserves the attention that reflects its impact on your company. With your and your employees' focus likely dedicated elsewhere in the busy final weeks of year, scheduling your renewal for the holiday season might result in details being overlooked or changes being forgotten.
By changing your renewal date, you and your employees can put your focus on any remaining end-of-year goals while properly enjoying your time off with your families. Rather than adding more to your plate during a time when you and your staff have other matters on your minds, waiting for the new year allows you to focus on what's important as the final months of the year come to a close.
The power of a great advisor
The prospect of changing your renewal date can be intimidating to some business owners, but that's what your advisor is there for. A good advisor can help take the stress out of both the holiday season and moving your renewal date by:
- Working with your business throughout the year to understand your plan's evolving needs
- Preparing your employees for the changes that will take place in their benefits plan
- Helping your business transition with the steps needed to move your renewal date
- By working with an advisor who understands your business, you can make big upcoming changes – including a new renewal date – exciting rather than intimidating.
The gift of better benefits
Developing an improved benefits plan means being willing to implement big changes, and one of those changes may involve moving the date of your renewal. With a great advisor who can help you navigate that switch, moving your renewal away from the holiday season can enable you and your employees to dedicate more time and attention to your plan as it develops with your business.
Jim Blachek flipped his traditional brokerage model in 2017 to focus solely on consulting and building value based health plans. In 2019 he co-founded a consulting only firm Dynamic Benefit Solutions and founded Local Script a transparent pharmacy and marketing organization focused on reducing employer and employee costs while supporting the local community.
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