Renewing insurance plans and navigating the open enrollment period can be daunting for employers, especially if they plan to do it alone. It’s one of those non-income-generating efforts that is easy to put off until tomorrow. And the next tomorrow, and the next. But this crucial annual undertaking demands careful planning and thoughtful decision-making to ensure that the benefits offered align with your company's budget and the diverse needs of your workforce. Failing to do so can result in a myriad of challenges, from offering coverage that employees cannot afford to missing out on more cost-effective options. In other words, you can’t afford to put it off or mess it up.
In this blog post, we will explore common mistakes employers often make within the renewal process and shed light on the intricacies of open enrollment. From understanding your employees' unique healthcare needs and securing competitive insurance plans to streamlining the enrollment process and double-checking enrollments for accuracy, Syndeo can guide you through each step of this essential journey and provide actionable insights to help you avoid critical missteps.
Let’s start with the most common mistake:
The first, and most important, hurdle to overcome is offering the right healthcare coverage for your employees that they can afford. Sounds simple, right? But taking the time to understand what your employees need and want for their coverage and finding a carrier who can provide that coverage at a cost they can afford will prove to be time consuming. Without first determining what your employees need, you risk offering coverage that doesn’t help them and loses its attractiveness. If the coverage they want is too expensive, your employees will be unable to purchase it, and your efforts to provide benefits to them will be unproductive.
As the renewal and open enrollment process starts this season, look to Syndeo to help find a healthcare option for your employees that meets your budget, your employees’ financial constraints, and all their coverage needs. We have the tools and resources to make the process easy for our clients and simple for employees to enroll. Contact Syndeo to start your renewal process today.
Another common mistake is one that business owners often need to be made aware of because they are limited by time constraints or resources to search out a better insurance alternative. Remember, insurance companies frequently adjust their rates and alter their coverage plans. Blindly renewing with the same plan year after year without checking around for better options is a surefire way to pay too much for coverage or not get a better deal on the coverage you already have.
As an employer, if you are limited by time to do the research yourself, Syndeo can help. We use our diverse network of resources and benefit experts to find coverage plans that fit what your company and employees need, saving you time and money, not to mention the headache of handling it all. With Syndeo, we find you a selection of options that fit your primary needs, so making the choice is an easy one for you.
When clients come to Syndeo for help with benefit administration, one of our first steps is to map out a plan for how to achieve the goals they identify and establish processes that meet those goals in a timely manner. By working off of the calendar plan, our clients know exactly when each part of the renewal process starts and needs to be completed. This process makes heading into open enrollment with their employees seamless and leaves margin to address any issues that come up.
This oversight occurs when employers fail to work from the aforementioned established big-picture plan. Many employers don’t realize how cumbersome the enrollment process can be: organizing and scheduling open enrollment meetings, educating employees on the options available, helping them choose the right one, and processing elections with the insurance carrier. Without margin in the schedule to answer all of your employees’ questions, they are left to make rushed decisions that may not provide the coverage they need. In other words, at Syndeo, we make sure that there is time to check and double-check that your benefits, and how they are administered, is working to benefit your company and your people.
It can be difficult to embrace change, especially when “it’s always been done this way.” By automating the enrollment process for your employees through a Human Resources Information System (HRIS), you save time and money in what you are paying them, not to mention the headache it relieves in filling out redundant paperwork. Fortunately, most insurance carriers now use electronic enrollment to facilitate the enrollment process, thus eliminating the need for physical paperwork. In turn, your employees complete the enrollment process electronically on their end as well, making it more seamless and efficient.
Additionally, through electronic enrollment, your employees can access their benefit information online to review and compare premiums, coverages, and other relevant information.
One of the best benefits of online enrollment is the precision it preserves across multiple platforms. Paper enrollments require significantly more work hours and attention to detail as information is transferred from our records to the carrier’s record for implementation. By encouraging your employees to enroll online, some of that headache is removed through a seamless and secure transfer process that allows for easy implementation of healthcare coverage.
Syndeo is your trusted partner for benefit renewals
Recently, we had an existing client for whom we executed several significant benefit changes as part of their open enrollment process. One of the major changes for this client resulted in a restructuring of their life and disability plans through a new insurance carrier. Due to these changes, we were able to generate premium savings to the company and offer a more enhanced and streamlined electronic enrollment process to their employees. Beyond the premium savings, we saved them valuable time getting enrolled with less effort. A win-win for our client and their employees!
Don’t get overwhelmed by the reason for the season.
As the renewal season approaches, consider Syndeo your trusted partner to help you navigate this complex landscape. We specialize in finding healthcare options that meet your budget, your employees' financial constraints, and their specific coverage requirements. With our expertise and user-friendly tools, we can simplify the process for both you and your employees, ensuring a seamless open enrollment experience. Don't wait until the last minute; start your renewal process with Syndeo today and pave the way for a successful benefit enrollment season.
What redos would you like to have had in your renewal process? Don’t forget to like, share, and subscribe to our newsletter for more thought-provoking HR content from Syndeo. If you want to learn more about how outsourced HR services can get you back to business, contact Syndeo today!