Everything has a beginning, a point of inception. For another year of an employer’s benefit package, the renewal meeting is that moment.
A benefit renewal meeting sets in motion a new plan year and the actions that lead up to the effective date. The past and present are taken into account and future plans are put into place.
In this podcast, Natalie Kirby, Supervisor for the FBS Account Executive team, discusses the elements that make a successful renewal meeting.
Here are some highlights from the podcast:
What are the core objectives of Renewal Meetings? (1:48) “There are three main objectives with renewal meetings….the benefit renewal overview, the benefit education opportunities overview, and then discussing enrollment strategies.”
What is the main goal of the benefit renewal overview? (4:12) Natalie emphasized the importance of establishing a “safety net” and whether the benefits currently available have “created some solutions for employees to help them meet their out-of-pocket costs.
Aside from shopping the market for products with unfavorable renewals, Natalie also talked about collaborating with clients on improving participation in existing plans. (8:09) “What is in place that we can improve on, that we can focus on educating employees on more?” New plans could also be introduced to improve the benefit package.
Discussion will then focus on enrollment, looking at the past and establishing (12:51) “Have we done our due diligence to make sure employees are educated consumers with their benefits. This is an area where employees need to know their stuff.” If improvement is needed, (14:39) “We try to identify creative ways to have a benefit education [focused] enrollment.”
Check out the podcast to learn more about how TPAs and their clients can collaborate to provide comprehensive employee benefits and successful enrollments, during their annual renewal meeting.