When Should You Review Your Group Benefits Plan?

There are many reasons to review your group benefits plan, including both the plan itself and its provider. While it is tempting to stick with an old plan that you have had for many years, reviewing your offering can take as little as an hour of your time and can result in cost savings, better coverage and less administration with new technology.

Some common reasons that should cause you to review your group benefits plan are:

  • Change in organizational structure – whether downsizing or expanding through a merger or acquisition.
  • Employee demographic change – are your employees getting older? Younger? Is your current coverage adequate for the needs of your workforce?
  • Service issues with your current provider – we see this all the time, your current provider has had you as a client for years and it is easy for them to prioritize acquiring new customers over the proper management of current accounts.

With major employee demographic changes already happening, and expected in the future, now is an excellent time to review your group benefits plans. Millennials are the next big buying group that will be shaping the products and services you see available in the market. This includes employee benefits. For example, a Millennial might prefer a flex plan that offers extended health and dental benefits, vs a plan more focused on disability coverage.

As mentioned above, organizational changes should trigger an immediate review of your group benefits plan. Your business could be experiencing a significant layoffs or perhaps you are bringing on a large number of employees for an upcoming project. Either way you need employee benefit coverage is flexible enough to change with the needs of your business.

As an employer, you should always be confident with your existing benefits plan, knowing it is designed around the needs of your business. Rather than the needs of an ancient one-size-fits-all plan that is left over from the 90’s. With emerging technology and new products being introduced, now is an excellent time to review your employee benefits plan to find areas for improvement.

If you are concerned about changes in your business, or just looking to review your group benefits plan because of on-going service issues, contact DENT Benefits today for a complimentary consultation and review.

The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.

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