For many middle-market companies, health insurance plan years begin either December 1 or January 1. This means that many employers will soon be gearing up for renewals and shift their focus to guiding their employees through the open enrollment process.
Annual health plan renewals and open enrollments often bring up many questions for employers and employees alike:
- Does the health plan provide good value?
- Are the benefits offered competitive in today’s market?
- Are there sufficient options offered?
- Are employees carrying the right amount of the plan cost?
While decisions for 2024 plans have likely already been made, it is never too early to start thinking strategically about your employee benefits program and to consider how your offerings compare to those of peer organizations. By leveraging benchmarking data, you can make informed decisions about your employer-sponsored healthcare benefits strategy, plan ahead for future years and confidently answer the questions that may arise. Continue reading