There are a few concepts that are vital for any employer determining their precise benefits strategy for employee insurance coverage, and planning is at or near the top of any such list. And during the first quarter of a new calendar year, like the one we’re in right now, planning is often especially important for many organizations in this area.
At Nielsen Benefits Group, we’re here to help. We offer numerous services to help Utah businesses find the ideal benefits packages, from benefits assessments to value-based benefits packages and more. What are some of the top themes and areas to be considering when carrying out your long-term benefits package, whether for a given year or for even longer periods of time? Here’s a simple primer.
Reviewing Prior Year Plans
One of the simplest and most effective ways to ensure you’re on the right track as you plan for insurance coverage in the new year is to review your prior year’s packages. What worked well? Any areas that need improvement? This can help you establish a good baseline for what sort of package might be best suited for your organization going forward.
Some companies will just look at the single prior year, while others may look back further to see how long-term trends and changes in the benefits landscape have affected their own offerings. Answering these questions can help you craft a more comprehensive plan.
Taking into Account Changes & Trends
It’s also important to consider any potential changes or broader trends that may be impacting your decisions. This could include changes in employee demographics, as well as larger shifts in the industry or economy that could call for some adjustments to your plans.
Another important factor often involves evaluating any recent changes or updates to laws and regulations related to benefits packages, such as those pertaining to medical coverage or retirement offerings. It’s easy to miss out on key details here, so it’s best to consult with a trusted expert who can help you stay up-to-date.
Seeking Professional Guidance
It’s worth noting that seeking professional guidance when planning your benefits packages is often the best course of action. The right professionals will have extensive knowledge of the various laws and regulations affecting businesses in Utah, as well as the insight to provide you with advice tailored to your specific situation.
At Nielsen Benefits Group, we’re available to assist with all stages of planning for your benefits package, from developing a comprehensive strategy to selecting your insurance provider and more. We can also help keep you abreast of any changes in requirements or regulations that could affect what you offer to employees. Contact us today to learn more about what we can do for you!
