Top 5 Resolutions For Maintaining A Strong Benefit Plan

January 15th, 2015 by

The post below is a guest blog from Joy Binkley who serves as Principal, Health & Welfare Consultant for CAI’s employee benefits partner Hill, Chesson & Woody.

resolutionsYou may think New Year’s resolutions only apply to bettering yourself, but don’t forget about the health of your benefit plan! Follow these five resolutions for keeping your benefits strong:

 

  1. Look for new opportunities to communicate the value of your benefits. Many employers pull their employees together once a year to review their benefit offerings during the annual open enrollment.  Make a point to pick 2 or 3 other times a year to stress the benefits of your health plan.  For example, distribute a hidden paycheck, highlight one of your benefit offerings at a staff meeting or hold a Lunch & Learn event supported by one of carriers during the year.
  2. Test your plan for ACA and overall compliance.List all of the notices you are required to release each year.  Take inventory of all of your employee categories and know which ones are eligible for coverage under your plan.  Make certain you are able to access contracts and policies without difficulty.  Review your time recording structure and be assured it will assist you with the new 2015 reporting requirements.
  3. Develop a health and wellness calendar.Challenge your organization to engage in a health and wellness event once a month.  Select a small group of employees or form a committee to develop an activity or event each month to support.  These events can range from a lunch time walk, encouraging others to eat more fruits and vegetables or supporting a team effort at a local charity walk.  With a little forethought, these activities can be a great way to remind your employees that their health is important.
  4. Plan ahead; don’t wait until the last minute to review your plan options for 2015.Review how things are running with your current benefits mid-year and see if they are supporting your overall business objectives for the year. Are your benefits helping you retain and attract the right talent for your organization to succeed?  If not, what may you need to change or initiate to help you meet this goal.
  5. Look for ways to enhance your plan offerings.Employees are looking to their employers to offer them more choices in plans that may meet their unique needs.  The worksite benefit landscape has evolved a lot over the past few years.  Introducing new voluntary benefits are a great way to enhance your benefit portfolio.  These benefits can provide additional financial assistance or incentives to many employees alongside their major medical plans.

Regardless of which direction you go in 2015, now is the perfect time to take a step back and assess what is working well for your plan.  Talk to your benefits consultant to identify different avenues to explore in the New Year!

 

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