Navigating and conquering the insurance policy renewal process can be challenging, but it doesn’t have to be! Discover how we can streamline this process, making it hassle-free and simple. InCap provides an array of benefits that member companies enjoy every year. The benefits of participating the InCap health care captive program include…
Avoiding Escalating Costs of the Health Insurance Renewal Process
Just as you wouldn’t buy a new car without meticulously comparing models, features, and rates, the same level of attention should be devoted to your insurance policy renewal. After all, health insurance renewal process costs are on the rise, with employer-provided health coverage exceeding $20,000 annually, according to The Kaiser Foundation. So why settle for the status quo when it comes to insurance policy renewal? Is a 5% increase truly acceptable? As an InCap Health Care Captive Program Member, you can enjoy some of the lowest premium costs on the market!
Simplifying Your Insurance Policy Renewal Process with InCap
Before finalizing their health insurance renewal, our clients often express surprise at the thoroughness, options, and clarifications we provide. This is in stark contrast to other brokers who simply call in the fall to remind clients of their upcoming renewal and encourage them to reach out with questions. Yet, clients often feel the pressure to ask all the “right” questions, fearing they might end up with a suboptimal plan.
Here’s the crux: no one should have to bear the burden of asking the “right” questions. Navigating insurance policy renewal can indeed be intricate, involving numerous pivotal decisions. These encompass plan designs, cost-sharing, implementation, and open enrollment, each laden with complexity. Ensuring employees are well-informed about their benefit plans is a monumental task.
Key Queries for Your Renewal Conversation
Prep for your health insurance renewal process meeting by posing these inquiries to gain deeper insight into your benefits plan:
- How much of our benefits expenditure truly benefits our employees?
- What’s the projected user impact, including HR’s perspective?
- How can we optimize wellness initiatives and encourage smart healthcare choices within plans, benefiting both employees and employers?
- What’s the reimbursement structure for telehealth services, and will this continue in the future?
- Which carriers, like Blue Cross Blue Shield, Anthem, Harvard, and Tufts, have demonstrated exceptional COVID-19 and overall support?
- What shifts are anticipated for the upcoming year?
Understanding Marketplace Changes
To ensure a successful insurance policy renewal, stay informed about market developments. Notable changes include:
- A pronounced shift towards alternatives to in-person visits, like telehealth virtual consultations and on-demand video discussions.
- Expanding wellness programs to include mental health support, addressing new demands and stresses.
- Preparing for potential persistent claims tied to COVID-19.
- Balancing robust pharmaceutical coverage with rising costs and the impact of specialty drugs.
Achieve a Smooth Renewal with InCap
Approach the health insurance renewal process with the same thoughtfulness as buying a car. At Clark & Lavey, we keep you well-informed. Benefit from these valuable tools and services:
- Enrollment Guides
- Access to New England Enrollers, offering:
- Multiple Ben Admin system options
- Enrollment specialists for your employees
- Monthly newsletter
- Informative webinars and events
- Accessible contacts: Broker, Account Manager, Practice Leader
Your renewal process deserves meticulous attention, and we’re ready to give it just that. Hilb’s InCap® health care captive program provides a solution to escalating health premium costs. InCap provides an alternative to traditional, fully-insured health insurance plans that require fixed insurance premiums to an insurance carrier who keeps the annual profit. Instead, InCap profits are annually distributed to member companies. Whether you’re in a fully-insured or self-insured plan, our guidance ensures you make decisions confidently. Reach out at 603.883.3773 or contact us online.