{"id":389,"date":"2020-01-30T22:04:00","date_gmt":"2020-01-31T06:04:00","guid":{"rendered":"https:\/\/immixgroup.ca\/blog\/?p=389"},"modified":"2022-02-06T22:09:00","modified_gmt":"2022-02-07T06:09:00","slug":"new-year-new-benefits","status":"publish","type":"post","link":"https:\/\/immixgroup.ca\/blog\/2020\/01\/30\/new-year-new-benefits\/","title":{"rendered":"New Year, New Benefits?<\/strong>"},"content":{"rendered":"\t\t
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A fresh year \u2014 and a refresh<\/em> opportunity<\/strong><\/h4>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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By\u00a0Lindsay Byrka, Vice President, Immix Group: An Employee Benefits Company<\/a><\/p>\n

\u00a0<\/p>\n

At the start of a new year, we all make resolutions. With 2020 also being the start of a new decade, perhaps we’re even more motivated to make improvements!<\/p>\n

When it comes to benefits, consider: Is this the year for minor benefits housekeeping or is your company due for a benefits overhaul?<\/p>\n

Granted,\u00a0every<\/em>\u00a0year should be the year for benefits housekeeping! That said, here is an outline of a few areas to review on an annual basis, and how to determine if your program requires more significant changes.<\/p>\n

Hopefully, this will help you to decide just how much to address in 2020.<\/p>\n

\u00a0<\/h2>\n

Keep things current<\/strong><\/h2>\n

Before the year gets going full-steam, check that all your documents \u2014 hard copy and\/or digital \u2014 are current. Ensure all forms, applications, benefits booklets and other items on file are the up-to-date versions. Toss any old ones.<\/p>\n

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Personal details<\/strong><\/h2>\n

Next, check that all employee data is up to date. Have your employees confirm personal details, including: their address on file, dependents, a change in single vs. family status, and their named beneficiary. Employees don’t always remember to keep you in the loop! \u00a0<\/p>\n

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Access those tools<\/strong><\/h2>\n

If your employees aren’t already using online and mobile applications to manage their benefits<\/a>, the New Year is a logical time to send out instructions and encourage them to sign up. Some may be slightly less-than-savvy with technology; that’s understandable. But once they see the advantage of these fast, efficient tools, they’ll gladly adapt.<\/p>\n

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Pay attention to benefits lines where reductions\/ terminations may apply<\/strong><\/h2>\n

Check for any plan members who may be reaching the age where certain benefit<\/a> lines may reduce or terminate. You will want to prepare to advise them of this, and ensure your billing accurately reflects the change when the time comes. For example, is anyone turning 65? Despite your best communication efforts, they may have missed that their long term disability coverage will likely be coming to an end.<\/p>\n

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Changes to Laws or rules<\/strong><\/h2>\n

Have any laws or rules changed that may impact your program? Are you compliant with any applicable collective bargaining agreements? If you’re even remotely concerned about this, drop everything and address it immediately. An experienced benefits consultant can assist you in understanding the fine print.<\/p>\n

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Plan for your benefits renewal\u00a0<\/strong>\u00a0<\/h2>\n

Lastly, when is the plan’s renewal date? Based on this date, you’ll need to find out and prepare for:<\/p>\n