As 2023 comes to a close, make sure you’ve checked all the boxes so you are properly prepared for 2024! When it comes to benefits administration, there are a lot of moving parts and deadlines employers need to keep track of. With January dropping you right into W-2 and tax season, you’ll want to make sure your 2023 is properly closed so 2024 starts smooth with no misses.
To make your job easier, we compiled an end-of-year checklist you can follow to make sure you are on the right track for 2024.
Tying up loose ends with your account managers at all carriers/providers you work with is crucial. Start by confirming if there are any plan changes in the new year for which you need to prepare.
Regarding enrollment, be sure to double check deadlines to ensure you have cards in hand by January 1. Then, make sure all enrollments are in place and all plan data/contacts for carriers are up to date. Review your information on file and update any changes that may be needed. Additionally, your providers should be able to provide a mail date report on any cards going out for the new year. The card mail date report is an excellent additional reassurance that everything is set for 2024.
Confirm your file feeds are updated. Plan names can change from year to year, and your file won’t work if it isn’t updated with the correct plan name.
Reach out to your plan provider to confirm any necessary changes to your existing file and then communicate those necessary changes to your HRIS team/provider. Introducing the HRIS provider and the carrier is an excellent way to ensure all details are properly communicated. No need to be the middleman!
Not all plans allow for passive enrollment – make sure you know which plans do and which ones don’t – think FSA (Medical FSA, Dependent Care FSA, etc.).
If you are switching providers, you will need to send the enrollments in addition to the census. Even if the new provider is sent the prior year enrollments to handle the plan runout, new enrollments cannot be assumed.
Connect with your account manager to generate or request an enrollment report for ALL benefits. Make sure your payroll report aligns with these enrollment reports and match internal enrollments with carrier reports. Any changes should be made by January 1.
Though most carriers give you a little wiggle room after the year starts, getting it done before allows for a better employee experience.
You have access to valuable resources on your platforms. Be sure to look at enrollment reports, card status reports, as well as projected deduction reports to stay on track for the new year. If you’re unsure how to generate these reports, connect with your account manager for assistance.
Does your plan have a carryover or grace period? Do you have a claims run-out period? These are the questions your employees will be asking, sometimes after the deadline has already passed. It’s always a good idea to send a reminder email to your employees that communicates these deadlines.
You should also make sure you have up-to-date collateral and communications regarding spend/claim deadlines on all internal systems for employees to reference later. Doing so helps alleviate potential problems in the new year.
Your provider’s customer service team is your HR team’s first line of defense with employee inquiries. Use them. Initial inquiries on specific plan issues or questions should be directed to customer service first.
Make sure your employees know who to call for which benefit, which website to check, etc. With 4-5 different providers, this can be confusing. Employees should know where they can check balances for this year, enrollments for next year, and get general plan details.
Many employers’ instinct is to reach out to their account manager for help with an employee issue, however, they should direct employees to first report to customer service. Again, no need for you to be the middleman when your carriers provide this service for you.
Did you complete all your necessary compliance tests for this year? Some plans require Nondiscrimination testing annually. Make sure you know which of your plans have these requirements and that the tests are completed. You will also want to make any necessary corrections (as needed to pass the test) at the end of the year.
Do not assume that your provider is completing this testing on your behalf. They likely are not since critical information that only you as the employer has is needed for testing. Be sure you check all the boxes of nondiscrimination testing for your HRA, FSA and 401k plans.
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