Your Guide to a Successful 2024 Benefits Renewal

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After a chaotic year, this healthcare renewal season may get tricky. Here's your month-by-month guide to getting ahead — and winning —your 1/1 renewals.

Looking for personalized guidance for your employer's renewal strategy? Get in touch for a free renewal audit.

Your Benefits Renewal Toolkit

Your benefits renewal to-do list may be daunting, but you don't need to go at it alone. We've tapped our Benefits Advisory Board, internal Client Success experts, and spoke to HR leaders like you to create resources that helps you stay informed, organized, and proactive.

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By the Numbers

  • 7% estimated increase in healthcare costs for 2024
  • 95% of employers re-evaluating their employee benefit programs
  • 61% of employees satisfied with their benefits, lowest in 10 years

Do your research in August

There are so many vendors, tech solutions, and funding strategies out there. The trick is finding the right ones for your organization.

But this research phase shouldn't feel like cramming for the big test — because your broker should have the answers you need. This month, lean on your broker for their guidance as you weigh your options.

August Checklist

  • Develop a game plan with your broker on how to explore and assess the digital health landscape
  • Explore some out-of-the-box funding options — depending on your upcoming renewal, it's better to know your options sooner rather than later
  • Take stock of your ancillary benefits
  • Connect with your finance team to set expectations and develop next year's budget

Lock down decisions in September

You should be getting your renewal information back any day now. This will include key plan updates, including your expected rate increase.

When you get this info, you have some options. You can choose to take a no bid negotiation approach and commit to staying with your current carrier. But if you think you may be able to find a better rate elsewhere, you could try marketing, which means your broker will get quotes from other carriers. Once that's settled, you can set your sights on open enrollment.

September Checklist

  • Assess your expected rate increase — can your budget support it?
  • Ask your broker for their opinion on the rate increase
  • Push your broker to renegotiate or shop around with other carriers if preferred
  • Build your Open Enrollment plan
  • Pick an Open Enrollment window and work backwards to determine when final decisions need to be made

Prep for Open Enrollment in October

We can't promise that renewals will be the most fun thing you'll do this year.

But don't let them sneak up on you — because these negotiations may get complicated. You'll be glad you started early. Use this month to set your foundation for success, and we'll walk you through the rest.

October Checklist

  • Distribute employee survey on benefits
  • Reflect on your company plans for the rest of this year
  • Review claims reports or utilization data
  • Check out benefit renewal trends year-over-year