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How often do companies typically review their benefits offerings?
Benefits & Compensation
How often do companies typically review their benefits offerings?
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
I'd like to get a sense for the timing for contacting benefits managers regarding proposal of new/replacement benefits offerings -- if there is such an animal.
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Forums » Topic Forums » Benefits & Compensation » How often do companies typically review their benefits offerings?
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How often do companies typically review their benefits offerings?
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How often do companies typically review their benefits offerings?
posted at 6/22/2009 7:23 AM EDT
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Posts: 11
First: 6/10/2009 Last: 7/21/2009 |
I'd like to get a sense for the timing for contacting benefits managers regarding proposal of new/replacement benefits offerings -- if there is such an animal. |
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How often do companies typically review their benefits offerings?
posted at 6/22/2009 8:07 AM EDT
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Posts: 3870
First: 2/12/2002 Last: 11/2/2009 |
The big one for most benefits managers is the health insurance and ancillary insurances such as LTD/Life/dental. That's an annual thing in most cases and it depends on the renewal dates of the policies.
For other benefits, it's hard to say. If I'm contacted by a benefits provider who's offering me a pretty good deal with some solid cost savings potential, I'd be foolish not to listen. If there's no real upside to the pitch, I wouldn't put a meeting with the provider high on the priority list. |
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How often do companies typically review their benefits offerings?
posted at 6/22/2009 10:03 AM EDT
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
We review benefits annually and very rarely change insurance brokers (as long as the one we have is doing a good job for us, we have no real reason to look).
We change benefits more often....In 4 years since we left the PEO, we have changed health insurers 1 time, dental insurers 1 time and 401k TPAs 1 time. And in most of those there have been plan changes. |
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How often do companies typically review their benefits offerings?
posted at 6/22/2009 11:25 AM EDT
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Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
We review annually, but seldom have anything rise to the top that institutes change. As others have said, change is driven more by cost as to the Health Insurance piece.
For us, the rest in employee optional and paid by employee. |
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How often do companies typically review their benefits offerings?
posted at 6/22/2009 4:28 PM EDT
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Posts: 3870
First: 2/12/2002 Last: 11/2/2009 |
Depends on whether or not the EAP is part of the health insurance package. I've usually done it separately on the few occasions that I've reviewed EAP packages. |
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How often do companies typically review their benefits offerings?
posted at 6/23/2009 12:47 PM EDT
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Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
We have worked hard over the years to have all benefit plans running over the same time period, which is a 10/01 - 9/30 year. Even though our EAP is not connected to the health plan, it is hooked up to Life Insurance.
But no matter, we look at all of them at the same time, schedule our annual benefits meeting during Aug or Sept to introduce changes, answer questions and generally try to get annual enrollment out of the way. We always have the stragglers, but significantly less of them since we started managing it in this way. |
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How often do companies typically review their benefits offerings?
posted at 6/23/2009 2:11 PM EDT
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Posts: 1047
First: 4/11/2002 Last: 9/14/2011 |
Keep in mind that most LTD insurance carriers now provide a basic EAP at no cost to the employer. The level of the basic program will vary by carrier, but employers are typically able to "buy-up" and enrich the program at a cost if they so choose. The programs are managed by reputable EAP vendors such as ComPsych, Ceridian, Magellan, etc. Because of this, I would imagine the number of RFP's that go out for EAP's has reduced, although I couldn't say for sure since the popularity of these programs is still increasing.
For larger companies (1000+ employees), most probably have a stand-alone EAP that is marketed periodically since they may need it highly customized. |
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How often do companies typically review their benefits offerings?
posted at 6/24/2009 7:34 AM EDT
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Posts: 464
First: 6/30/2004 Last: 11/22/2010 |
Our EAP was originally hooked up to one of our option diability plans. Not everyone took disability, so we linked it instead to the company paid life insurance benefit. Cost actually went down. |
Forums » Topic Forums » Benefits & Compensation » How often do companies typically review their benefits offerings?
