Fall is officially here, which means that January is just around the corner! With a majority of health plans renewing January 1st, it’s important to start preparing for your company’s plan renewal now before it gts too late. With the Affordable Care Act still in the picture, it’s crucial to be educated about any provisions that may affect your company’s health plan. How exactly do you prepare so your renewal can be a successful one? Here are some general things to think about:

  • Know the eligibility rules. When does coverage eligibility begin? Is your group considered large or small?

  • Know your company’s specific situation and needs. Do you want a fully insured plan or a self insured plan?

  • Are there any changes to your company? Have you recently added locations, had a change in the number of employees, or have financial changes occurred?

  • Communicate with your employees often throughout the enrollment period.

  • Review the carrier options. Will you shop among different carriers?

  • Think about creative plan design options to suit your company’s needs. There have been many creative solutions that have arisen in recent years, so talk to your broker about the options available to you.

  • Communicate with your broker and administrators. Requesting information should be done before meetings to be more efficient.

  • Make complicated insurance terminology easier for employees to understand.

It is our goal at Flyte HCM to educate and assist you with all of your HR administration needs. If you need more information regarding your company’s plan renewal or benefit plan options, please contact us with any questions or concerns!