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Collect the contract pages, plan descriptions and premium rates for all programs currently in place. Determine
which plan features are critical and which could be modified. Are there new features you want to evaluate?
Prepare a group census. Include employee names, date of birth, family status & dependents, zip codes if out of area, job titles, hours worked, and wage rates. You are now prepared for the next step. | |
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Select a broker. Determine breadth and depth of product lines, availability, compatibility, and if possible, creativity.
It is recommended to select a broker first, rather than calling multiple agencies and sending numerous people out on shopping research. You want a broker you can plan with. You do not want to start this project by having to review multiple complex proposals. That's what you want a good broker to do for you ! |
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Get an official record of how your group prioritizes their needs. Find out what they are willing to share in costs. By responding directly to their expressed needs employee morale will benefit. Your broker should be able to help you. Consider sponsoring a general seminar or lunchtime presentation on the subject of benefits. Most employees have not a clue what they cost. This information alone can change their entire outlook on the subject. |
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Which benefits provide the greatest general good? How do they stack up in relation to your budget? Which benefits could be offered on a voluntary basis? Use your broker to help develop a strategy. |
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When do you want certain benefits to become available? How much time do you need to set aside for employee education and enrollment? What kinds of materials will you use to notify your group and how long will it take to get them? |
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For company provided benefits, you will need to establish an open enrollment period. For voluntary benefits, your broker will provide the enrollment resources. Make sure you provide time for your broker to meet with each interested employee. Remember that voluntary benefits are not subject to open enrollment periods. You should call your broker back in each time there is a new group of employees. |
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Evaluate employee reaction to each program. Determine where changes need to be made. Accumulate data. Then, work with your broker to determine how best to implement desired program modifications. |