RENEWALS

Your Guide to a Successful
1/1 Benefits Renewal

After a chaotic year, this healthcare renewal season may get tricky. Here's your month-by-month guide to getting ahead — and winning —your 1/1 renewals.

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By the Numbers

6.5%
Estimated increase in healthcare costs for 2022
38%
of employers plan to expand benefits offerings to recruit employees
44%
of employees have deferred care due to COVID-19

Set Your Foundation
in July

We can't promise that renewals will be the most fun thing you'll do this year.

But don't let them sneak up on you — because these negotiations may get complicated. You'll be glad you started early.

Use this month to set your foundation for success, and we'll walk you through the rest.

Tips for staying ahead

"This is the perfect time to take a pulse check on your current benefits offering. Take this opportunity to check in with your employees on how they feel about their plans, with a focus on actionable feedback."
Profile picture of a Colleen McElroy
Colleen McElroy
Director of Client Success

What to Do in July

  • Distribute employee survey on benefits
  • Reflect on your company plans for the rest of this year
  • Review claims reports or utilization data
  • Check out benefit renewal trends year-over-year

Do Your Research
in August

There are so many vendors, tech solutions, and funding strategies out there. The trick is finding the right ones for your organization.

But this research phase shouldn't feel like cramming for the big test — because your broker should have the answers you need.

This month, lean on your broker for their guidance as you weigh your options.

Tips for staying ahead

"If you think there's an opportunity in your plan to be creative... to create value for your plan, I would say you need to push your broker. Say, 'give me the strategy and the timeline that shows me how these alternatives would play out.'"
Profile photo of Marcus Osborne
Marcus Osborne
SVP of Walmart Health
& Nava Advisor

What to Do in August

  • Develop a gameplan with your broker on how to explore and assess the digital health landscape
  • Explore some out-of-the-box funding options — depending on your upcoming renewal, it's better to know your options sooner rather than later
  • Take stock of your ancillary benefits
  • Ask one (or more!) of the questions from the "Four Questions to Ask Your Broker" video
  • Connect with your finance team to set expectations and develop next year's budget

Prepare for Launch
in September

You should be getting your renewal information back any day now. This will include key plan updates, including your expected rate increase.

When you get this info, you have some options. You can choose to take a no bid negotiation approach and commit to staying with your current carrier.

But if you think you may be able to find a better rate elsewhere, you could try marketing, which means your broker will get quotes from other carriers.

Once that's settled, you can set your sights on open enrollment. Onward!

Tips for staying ahead

"Your carrier's first proposed rate increase doesn't have to be the end-all-be-all. Asking your carrier for rate relief can often yield results. Plus, you never know what other carriers may be willing to offer if you just ask."
Chris Renzulli
Partner, Benefits Consulting

What to Do in September

  • Assess your expected rate increase — can your budget support it?
  • Ask your broker for their opinion on the rate increase
  • Push your broker to renegotiate or shop around with other carriers if preferred
  • Build your Open Enrollment plan
  • Pick an Open Enrollment window and work backwards to determine when final decisions need to be made

Set Your Foundation for
Success in July

We can't promise that renewals will be the most fun thing you'll do this year.

But don't let them sneak up on you — because these negotiations may get complicated. You'll be glad you started early.

Use this month to set your foundation for success, and we'll walk you through the rest.

Tips for staying ahead

"July is the perfect time to take a pulse check on your current benefits offering. Take this opportunity to check in with your employees on how they feel about their plans, with a focus on actionable feedback."
Profile picture of a Colleen McElroy
Colleen McElroy
Director of Client Success

What to Do This Month

  • Distribute employee survey on benefits
  • Reflect on your company plans for the rest of this year
  • Review claims reports or utilization data
  • Check out benefit renewal trends year-over-year

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