The benefit plan review

By Jacqueline Taggart
|Canadian HR Reporter|Last Updated: 03/25/2003

It would be nice to think that some aspects of your business could be left to look after themselves once they’re established, but the truth is that everything you do needs periodic re-evaluation.

In the benefits world, flexible plans require annual cost, coverage and experience reviews. A review may even lead the HR department to the most time-consuming change of all, and the one with the greatest potential to affect benefits service and costs, a change of insurance carrier.

The decision to review insurance providers is known within the industry as “marketing” the benefits plan, or “taking the plan to market.” Sometimes employers undertake this process by themselves, but in Canada, it is more commonly done with an agent, broker or consultant.