ABI: Maximize Benefits Offerings During Annual Renewals

The benefits renewal period is an ideal time for small and mid-sized businesses to maximize benefits and manage costs, writes G&A Partners’ Tyler Penning in a recent Iowa Association of Business and Industry article.

In IABI’s Business Monthly, G&A’s regional sales director offers tips to help small and mid-sized businesses get the most out of their annual benefits renewal. As part of a successful retention and recruitment strategy, businesses must ensure they are offering competitive benefits plans. Evaluating your current options during the renewal period is a critical step.

“Consider asking your employees to provide feedback on affordability, coverage, and ease of finding in-network providers [in their current plans],” writes Penning. “This will give you valuable insight into whether current plans are meeting your employees’ needs.”

Penning also recommends evaluating current plans and researching options well before your renewal date.

“Otherwise, you may be more apt to accept rate increases for your current plan — which adds up quickly over time,” writes Penning.

Read the full article here.