There are many factors that go into preparing for your group health insurance renewal. Take a look at the 7 steps you can take to prepare for your group health renewal:
1. You will want to start planning at least 90 days before your policy renewal date.
· Changing carriers or plan options takes time.
· Keep in mind renewals are typically ready 60-90 days prior to renewal.
· Consult with your Broker/Agent.
2. Review your current plan(s).
· Review if any gaps in coverage.
· Consult with your Broker/Agent.
3. Access your employee needs.
· Conduct survey to see if employees and preferences have changed.
· Do employees prefer to pay more in insurance premium for a lower deductible and out of pocket cost when they utilize care?
· Do employees prefer to pay less in insurance premium for a higher deductible and higher out of pocket costs when they utilize care?
4. Explore other options.
· Are there other plan options available? Consult with your broker.
· If you are a small employer (less than 50 total employees on payroll). If your group is healthy consider cost savings by moving from an ACA Fully Insured health plan to a Level Funded policy. Level Funded plans do require medical underwriting, if your group is healthy enough you could see significant savings.
· You may find you are best where you are at.
5. After other options are explored, you may find your already in the best place.
· This will avoid any cause for concern or questions from employees.
6. Market Changes
· Keep in mind factors for renewal increases, like rising healthcare costs and inflation.
· Consult with your Broker/Agent.
7. Are your plan benefits well rounded?
· Do you offer Dental and Vision insurance to your employees?
· Do you offer other supplement insurance to your employees, like Life, Accident, Critical Illness, and/or Hospital Indemnity insurance? Employees like options.
· Consult with your Broker/Agent.
Contact: Angela Romenesko at Paroubek Insurance at 920-347-9334.
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