When it comes to employee benefits, one of the most damaging misconceptions is this: you can only work on your healthcare strategy 3-6 months before your renewal. This mindset leads to poor decision-making and perpetuates the dreaded late renewal cycle, leaving HR teams and employers scrambling every year.
The Post-Open Enrollment Relief: A False Sense of Security
After the frenzy of open enrollment, many HR professionals breathe a sigh of relief, thinking they have nine months before they need to worry about benefits again. Unfortunately, this approach guarantees the same old results:
- Late Renewals: Rushed timelines force reactive decisions.
- Limited Options: The same three or four plans resurface, leaving no time to explore innovative alternatives.
- No Benchmarking: Employers miss the opportunity to evaluate their broker’s performance or compare their plan’s cost and coverage against industry standards.
- Lost Control: Employers are backed into a corner, making hasty decisions without a full understanding of their true options.
A Better Way: Start Now for 2026
This year, instead of falling into the same trap, take a proactive approach. Here’s how you can
use the time now to set your organization up for success:
- Review Your Benefits Program: Conduct a comprehensive evaluation of your current offerings, including cost and coverage benchmarking. Compare your plan to industry standards to ensure competitiveness.
- Analyze Broker Performance: Perform a five-year historical analysis of premiums, per employee per year cost, broker compensation and plan retention. This will help you determine if your current broker and program strategy is delivering value or if it’s time to explore other options.
- Survey Employees: Gather feedback on employee satisfaction with the current benefits package. Understanding what your team values most can guide improvements and boost morale.
- Dive Into Claims Data: Conduct a full claims analysis to identify trends and opportunities for cost savings or specific programs in 2026
Take Control of the Renewal Conversation
All good things take time, and benefits planning is no exception. By starting now, you can:
- Avoid Last-Minute Decisions: Gain the time needed to thoroughly evaluate options and negotiate better terms.
- Explore Innovative Solutions: Break free from the cycle of repetitive plans and discover strategies that truly meet your needs.
- Ensure Alignment: Align your benefits program with your organization’s long-term goals and employee needs.
Partner with the Right Advisor
The right partner can make all the difference. Let us analyze your program now so you can head into renewal season with clarity and confidence. By taking control of the process, you’ll transform the renewal conversation from a stressful scramble into a strategic opportunity.
Don’t be a victim of bad timing. Start today, and set the stage for a better benefits strategy in 2026 and beyond.
