Sep
7
2018


If your health plan is renewing, it’s time to get prepared.

The key to taking control of your renewal process is starting early. Know who you are going to work with, and what you want to do before the process starts. To be effective, start the process 120 days prior to the renewal date.

120-90 days out:

  • Choose a brokerage team to take you out to market
  • Learn about new plans or techniques
  • Review benchmarking data: If you’re using benefits as a tool to attract and retain talent, and you don’t know how your benefits compare to others’, how effective can you really be?
  • Update your census
  • Set goals and objectives
  • Survey your employees for feedback: Who better to ask what they want!


89-70 days out:

  • Finalize your census information
  • Determine what lines of coverage to quote


69-31 days out:

  • By now, you should have received your renewal from your current insurance carrier
  • Review options within your current carrier and compare to market analysis
  • Make any plan or carrier change decisions
  • Submit plan paperwork to the insurance company
  • Develop an “open enrollment” strategy


30 days out:

  • Make sure all plan change paperwork has been filed
  • Begin open enrollment
  • Consider employee education meetings and strategies
  • Process all employee paperwork as early as possible


When you go out to quote your health insurance plan, having all of your ducks in a row will make your results much more valuable! You wouldn’t build a house without a blueprint, or grocery shop without a list – so why not approach benefits the same way!

Four important things you should consider before you make a renewal decision:

1.     What is the purpose of having employee benefits?

      • Because you think you have to?
      • To attract and retain quality employees?

2.     What types of coverage do you want to offer?

      • Health, Dental, Life, Disability, Vision … and why?
      • Employer-paid, cost-shared, or voluntary?

3.     Have your employees been included in the process?

      • Do employees have a voice in the decision-making process?
      • Do you have any methodology to collect employee opinions?

4.     Are you thinking about one year at a time, or are you thinking about three to five years into the future?


The team at Alera Veterinary has more experience working with animal hospitals than any other broker nationwide. To learn more about how our team can help you, contact Cory Friedman at cory.friedman@aleragroup.com or 847-457-3041.

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