Despite your best efforts to plan ahead, you’ll probably run into a situation where you’d like to update your benefits plan mid-year. Maybe your team is frustrated that your supposed Cadillac of benefits plans isn’t meeting their needs. Or maybe talking to a friend you’ve realized your business is paying way too much for your current plan.
The point is, things change, and your business (and benefits) should be able to change with them. However, people often think they’re locked in when it comes to the typical premium-based group benefits plans. You’ve got to wait ‘til renewal comes around to make any big changes, right?
Wrong! (This is where it gets exciting)
This is a major misconception about the group benefits. You don’t have to wait ‘til renewal to make changes. Whether that be changes to your current plan or switching providers (which, especially if you have a premium-based plan, you really should look into).
Your renewal is just a reminder for premium-based benefits providers that they should show you some usage numbers and try to justify increasing your costs.
Let’s compare it to a portfolio review for your investments. Every year or so your financial advisor likely gives you some insights into the markets, how you’re doing, and what they think you should change. However, nothing is stopping you from buying low and selling high any time you see an opportunity.
The same is true of group benefits. In fact, changing things up before your renewal can be super beneficial.
“I swear this isn’t a phase, Mom! This is the real me!”
As we said above, phase or no phase, people and businesses change. Lifestyles, interests, and priorities change. This is the number one reason that switching things up before renewal is the right thing to do.
Being rigid just doesn’t make the cut. If your team wants more flexible benefits – change them! If your team doesn’t have the coverage they need – improve it! If your business is paying too much – find a better option!
When things change and your current plan doesn’t fit, nothing is stopping you from improving the plan up or jumping ship into a more flexible solution.
The secret ingredient: happy team members
It’s no secret that keeping your team happy is essential to run a successful business. Today’s workforce is driven by employees doing what is best for them. Especially with the younger generations, if they aren’t getting what they want, they have no problem finding work elsewhere.
Waiting ‘til renewal could be detrimental to the morale of your business and the retention of your top talent. Being proactive and adjusting your plan to fit the needs of your team when the time comes is a much better solution.
It’s better to quit while you’re ahead
By this we mean it’s better for your pockets! We all know how it goes. You search for a plan and you get sold on some plan that's at a price “just for you”. A year later you’re looking at a 30% increase in cost just for using the plan.
Now instead of waiting for the bad news, switching over to a more cost-efficient solution and getting ahead of your finances is the way to go. You won't have to spend any time paying premiums while you scramble to find a plan that fits your business needs like a glove.
That’s all there is to it!
Once you get past that misconception that you’re locked into your current plan, it opens up a lot of opportunities to do what is right for your team. We recently wrote an entire blog on other common misconceptions in the industry so check it out to avoid any bamboozling!
What would you switch your plan to you ask? Well, consider a Health Spending Account or an Enhanced Health Blend to give your team the autonomy and flexibility they want!
Got any questions for us? Give our Growth Team a shout! We’re happy to help every step of the way. We’re also social! Check us out on Instagram, Twitter, Facebook, and LinkedIn!
