Aug 09, 2018
Creating a benefit needs assessment for your groups can help you design effective strategies today and into the future. You’ll uncover gaps in their benefit strategy and identify areas of concern. There are many ways to fill in your assessment, such as asking your client or prospect the right questions, surveying employees, and researching them and their competitors. Your benefit assessment can address these questions: What’s working with the existing benefit plan?
- What are the strengths of the benefit plan?
- What do employees and management like about their benefits?
- Has the benefit package created positive outcomes?
What needs to change?
- What do they dislike about the benefits, such as costs, limitations, administration, etc.?
- Are they asking for additional types of coverage?
- Do they want to move to a different carrier?
What are the group’s limitations and threats?
- How much will benefit costs add to the budget?
- What kinds of benefits are competitors offering?
What are the Opportunities? Once you’ve gathered the information, you’re well on your way. But to create an unbeatable strategy, you need advanced local market intelligence, which is where your LISI Regional Sales Manager comes in. You also need to determine whether the employer’s benefit plan is fully compliant. If they aren’t contributing to plans in a way that passes the discrimination tests, they need to make corrections before open enrollment, so communication materials are accurate. Documents need to be reviewed every year before open enrollment. Employers need to make corrections to their plan or offering within the same year because retroactive changes are difficult to make depending on the nature of the discrimination test.
Your LISI Regional Sales Manager can arm you with a thorough understanding of state and federal regulations. They can also help you determine whether the employer’s plan is compliant, and if not, how to get there. The more clarity you offer about your client’s benefit package, the more they’ll view you as their trusted advisor.
Contact your LISI Regional Sales Manager to create an unbeatable benefit strategy.
