What Questions Should You Ask Before Renewing Your Benefits Plan? Renewal Season Is More Than a Pricing Discussion

As benefits renewal season approaches, many employers focus on premium increases and budget planning. While cost is an important factor, renewal season is also an opportunity to evaluate whether your benefits strategy continues to support your workforce and align with your business objectives.

Workforce demographics, employee expectations, and healthcare utilization patterns can change significantly from year to year. Asking the right questions before renewal can help employers identify opportunities for improvement, address emerging needs, and ensure their benefits programs continue to support employees while advancing business goals.

Has Our Workforce Changed Since the Last Renewal?

As your workforce evolves, so should your benefits strategy. Even subtle changes in employee demographics, staffing levels, or work arrangements can influence which benefits employees value most and how they access them.

For example, younger employees may prioritize different benefits than those with growing families or employees approaching retirement. Similarly, organizations with an increasing number of remote or hybrid employees may need to reconsider how benefits are communicated, delivered, and supported. Significant hiring, turnover, or geographic expansion can also impact the effectiveness of your current benefits strategy.

As you prepare for renewal, consider:

Have you added new employees or experienced significant turnover?
Has the average age or demographic makeup of your workforce changed?
Are more employees working remotely or in hybrid roles?
Has your workforce become more geographically dispersed?
Are there emerging hiring or retention challenges that benefits could help address?

Understanding how your workforce has changed since the last renewal can help ensure your benefits strategy remains aligned with employee needs and business goals.

Are Employees Using and Valuing Our Benefits?

Offering a benefits package is only part of the equation. The more important question is whether employees are actively using and benefiting from the programs available to them. Reviewing claims data, participation rates, and utilization trends can help identify which benefits employees value most and where opportunities for improvement may exist.

While high participation often indicates a benefit is meeting employee needs, low utilization doesn't necessarily mean a program lacks value. In some cases, it may signal that employees are unaware of available resources or don't fully understand how to access them. Evaluating utilization trends can help employers determine whether changes are needed to plan design, employee education, or communication efforts.

As you prepare for renewal, consider:

Which benefits have the highest participation and utilization rates?
Are wellness programs, telehealth services, preventive care offerings, or employee assistance programs being used consistently?
Do employees understand the benefits available to them and how to access them?
Are there programs that may require additional communication or education to increase awareness and engagement?

Understanding how employees use available benefits can reveal opportunities to improve plan performance, increase engagement, and maximize the value of your benefits investment.

What Are Employees Telling Us?

Employee feedback can provide valuable insight during renewal season. Surveys, HR interactions, stay interviews, and exit interviews can reveal gaps in your benefits program and highlight changing workforce priorities. However, it’s equally important to look beyond your organization and evaluate how your offerings compare to current market expectations and competitor benefit programs.

As you evaluate your benefits strategy, consider:

What themes are emerging from employee surveys and feedback?
What concerns or requests are employees consistently sharing with HR?
Are recruiting or retention efforts highlighting benefits as a competitive advantage or challenge?
How do our benefits compare with others in our industry?
Are employee expectations evolving beyond traditional medical, dental, and vision coverage, including increased demand for mental health support, financial wellness programs, or voluntary benefits?

Evaluating employee feedback alongside market trends can help ensure your benefits package remains relevant, competitive, and aligned with workforce expectations.

Are We Maximizing Our Benefits Investment?

With healthcare costs continuing to rise, it's important for employers to evaluate not only what they're spending on benefits, but also the value they're receiving in return. Focusing solely on premium increases can sometimes overlook opportunities to improve plan performance, enhance the employee experience, and optimize overall benefits spending.

Renewal season provides an ideal opportunity to take a comprehensive look at your benefits strategy. By reviewing plan performance, carrier partnerships, plan design, and claims trends, employers can better understand whether their investment is delivering the desired results. This broader evaluation can help increase the effectiveness of existing programs and ensure benefits dollars are being spent strategically.

As part of your review, consider:

Are healthcare costs and claims trends aligned with expectations?
Is our current plan design delivering value for employees and the organization?
Are our carriers and vendors providing the support we need?
Are there opportunities to improve plan performance or manage costs more effectively?

The goal is not simply to reduce costs, but to maximize the value of your benefits investment while supporting employee needs and business objectives.

Conclusion

The best renewal decisions start with asking the right questions. By evaluating your workforce, reviewing utilization trends, gathering employee feedback, assessing market competitiveness, and analyzing plan performance, you can make more informed decisions about your benefits strategy and its long-term impact on your organization.

SWBC’S Employee Benefits Consulting Group helps employers look beyond renewal rates to evaluate the overall effectiveness of their benefits strategy. Our team works with organizations to assess workforce needs, analyze utilization trends, identify opportunities for improvement, and develop benefits solutions that support both employees and business objectives.

Whether you're preparing for an upcoming renewal, evaluating plan performance, or exploring ways to enhance your offerings, taking a proactive approach can help you make more informed decisions and maximize the value of your benefits investment. Contact SWBC’S Employee Benefits Consulting Group today to evaluate your benefits strategy and prepare for a more informed renewal season.

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Andrew Grove

Andrew Grove is CEO of SWBC’s Employee Benefits Consulting Group, where he has been a key leader since joining the company in 2013. With over 30 years of industry experience, Andrew has established himself as a seasoned expert in delivering tailored solutions to employers of all sizes. His professional journey includes 20 years as an executive at Humana, where he honed his skills in strategic planning, client relations, and benefits consulting. Andrew’s deep understanding of the industry and his commitment to excellence have made him a trusted advisor to many. Andrew attended The University of Texas at San Antonio, is a Health Insurance Associate (HIA) Designee, a Managed Healthcare Professional (MHP) designee, Life Underwriters Training Council (LUTC) graduate and has received numerous awards for outstanding sales achievement. He currently serves on the Producer Advisory Board for United Concordia Dental and the National Broker Advisory Board for UnitedHealthcare.