Your company group benefits may be obsolete. There are several reasons your plan may be outdated, let’s consider a handful:
- Company size;
- Your company could now be smaller or larger than when you first implemented your group benefits plan.
- Government regulation;
- Minimum wage or government regulations surrounding medical coverage have changed.
- Employee preferences in coverage;
- Their needs change as they become older and start families or maybe you’ve hired younger employees who do not value the old template for benefits.
- Cost and plan design;
- If you haven’t reviewed your group benefits plan in some time, you may be paying more for out-of-date coverage or overpaying for up-to-date coverage.
- Competitiveness of the industry of the business has changed;
- It may be more difficult to attract and retain employees.
The list of reasons to review your company groups benefits depends on your particular situation. However, less than 50% of companies proactively review their benefits annually (OBP 2018). In many cases companies that don’t review their plans at all!
Northern Financial Group recommends that you review your plan at least every 2-3 renewals. This will help to ensure that you’re not overpaying and that the coverage/plan structure is current.
If you’re interested in reviewing your company group benefits plan, please contact us. We offer exclusive products and access to all major providers to ensure your plan is up-to-date and competitive.