Renewal Lifecycle
In today's rapidly changing environment it is becoming a cliche to note the absolute requirement for business flexibility and responsiveness. Change is bad only when it is chaotic and unplanned. Whether you classify your business as being in a growth, mature or transitional stage the one thing that is constant is the ever growing need to evolve your business and continuously look for opportunities to save money, increase efficiency and deliver the greatest value to your employee base. CheckPoint HR Benefits Group, a trademark of The Wilshire Group, LLC a licensed insurance producer and wholly owned subsidiary of CheckPoint HR Holdings Corporation, can help you anticipate changes, make sound decisions and manage the process as it impacts your most important asset... your employees.
Brokerage Services:
6 Months Before Renewal
- Deliver renewal strategy and plan to client
- Review current program with client
- Identify gaps/overlaps in coverage
- Understand client’s benefits philosophy
- Review statistical data / benchmark
- Apprise client of industry updates/product development
5 Months Before Renewal
- Prepare bid specifications
- Prepare Request for proposal
- Census
- Waiting period
- Claims data
- Carrier history
- Current Invoices
- Contribution Formula
- Current Plan Summaries
4 Months Before Renewal
- Review benefit plan strategies
- Health ReimbursementsArrangements (HRA)
- Health Savings Account (HSA)
- Health Incentive Account (HIA)
- Section 125/Cafeteria plans
- Employee surveys
- Disease management
- Deliver marketing report
- Recommend action plan
- Consider health and wellness solution(s)
- Discuss employee self service tools
- Review worksite benefits to compliment existing benefits program
- Discuss e-benefit strategies
- Carrier feeds
- Life events
- Online open enrollment
- Review all proposals
- Prepare custom marketing report
- Exhibits
- Geo-Access Reports
- Detailed plan analysis
- Alternate plan options
- Cost effective strategies
- MERP
- Health and Wellness
- RX Carve Out
- Mini-med Plans
- Health risk assessments
- Network analysis
- Multi line discounts
- Executive carve out plans
90 Days Before Renewal
- Prepare for Online open enrollment
- Narrow down plan and carrier options
- Carrier negotiations
- Review final benchmarking reports/data analysis
60 Days Before Renewal
- Finalize carrier, plan(s) and contribution strategy
- Employee communications
- COBRA re-enrollments
30 Days Before Renewal
- Carrier accepts all enrollment data/information
- Termination letters prepared for prior carrier(s), if necessary
- HRMS site is customized to support all new plans, forms, documents etc.
- Employee inquiries directed to CheckPoint HR Benefits Group
- Benefit Submission Form to be completed by Benefits Advisor
Effective Date for New Benefit Plan Year
- ID cards are received by all plan enrollees
- New employee contributions to be updated in Payroll/HRMS
- Set up Benefit Administrators for 24/7 web access to carrier sites
- CheckPoint HR Benefits Group updates all plans, rates, contribution formula, summary plan designs in AgencyWare to support any incoming service inquiries
