As we pass the halfway point of the year, it’s time to ask an important question: Is your clients’ health benefits plan performing as promised? A mid-year benefits review offers brokers, HR teams, and employers the opportunity to evaluate plan performance, identify gaps, and optimize offerings well in advance of open enrollment season.
For businesses that offer voluntary benefits, this check-in is a crucial opportunity to ensure employees understand, value, and utilize their benefits effectively.
Why You Should Conduct a Mid-Year Health Benefits Plan Review
Many employers focus all their energy on open enrollment but often overlook assessing health benefits plan performance throughout the rest of the year. A mid-year benefits check-in helps ensure the plan is on track and delivering value to both employers and employees. Here’s why it’s worth your time:
- Uncover underutilized voluntary benefits
- Identify and resolve employee confusion or dissatisfaction
- Evaluate cost-effectiveness and ROI
- Make mid-course corrections to improve outcomes
- Strengthen employee engagement and retention
What to Look For During a Mid-Year Benefits Review
Use these five performance indicators to evaluate the effectiveness of your clients’ employee health benefits plans:
1. Are Employees Actually Using Their Benefits?
If utilization rates are low for key offerings, such as dental, vision, or voluntary benefits like accident or critical illness insurance, it may indicate a communication gap. Ensure employees understand their options and know how to access them. Providing educational sessions or digital resources can help boost engagement.
2. Are There Unexpected Out-of-Pocket Costs?
If employees are surprised by uncovered services or high deductibles, this can create dissatisfaction and financial stress. Use the mid-year review to identify any recurring coverage issues and provide better cost transparency tools.
3. Are Employees Satisfied With Their Benefits?
Conduct informal surveys or feedback sessions to gauge employee satisfaction with health benefits. A well-performing plan isn’t just about coverage, it’s about perception. Voluntary benefits can be used to fill coverage gaps and improve overall satisfaction.
4. Are Claims Being Handled Efficiently?
Claims delays, denials, or poor communication from the carrier can damage trust. Analyze claims processing trends and employee feedback to determine whether the benefits plan performance is meeting expectations.
5. Have Employee Needs Changed?
Major life changes, such as marriage, the birth of a new baby, or the onset of caregiving responsibilities, can dramatically shift benefit needs. Offering flexible voluntary benefits such as hospital indemnity, legal assistance, or mental health support ensures employees can personalize their protection year-round.
The Role of Voluntary Benefits in Health Plan Optimization
Voluntary benefits are a powerful tool for improving the performance of any health benefits plan. These offerings—paid by employees but often at a group-discounted rate—provide supplemental protection for common financial and health-related risks. They also allow employers to:
- Enhance total compensation without increasing costs
- Offer personalized benefit options
- Support financial wellness and reduce stress
- Increase perceived value of the overall benefits package
If your review identifies gaps or unmet needs, consider adding new voluntary benefits to better support your workforce.
Stay Ahead of the Curve With a Mid-Year Strategy
A mid-year health benefits plan review isn’t just about compliance or cost. It’s about optimizing the value of your offerings. By proactively evaluating benefits plan performance now, brokers and employers can make smart adjustments that enhance employee experience and loyalty before the next renewal cycle.
Ready to Improve Your Clients’ Health Benefits Plan Performance?
Whether you need help analyzing current usage or expanding your voluntary benefits portfolio, our team is here to help. Let’s ensure your clients’ employee health benefits are delivering on their promise.
Contact us today to schedule a mid-year health benefits check-in.
