It is difficult to navigate and conquer your insurance policy renewal process. But it doesn’t have to be! Learn how we can make the process easy and stress-free.
Health Insurance Renewal Has Become Increasingly Expensive
You wouldn’t buy a new car without comparing all the models and determining which has the best rating, gas mileage, or technology. And when buying that car, you have taken multiple test drives and have compared financing rates. So, why wouldn’t you put that much time and effort into your insurance policy renewal process, especially when health insurance renewal can be just as expensive? According to The Kaiser Foundation, the cost of employer-provided health coverage has topped more than $20,000 a year. Why, then, is it okay to accept the status who when it comes to your insurance policy renewal process? Is it because a 5% increase doesn’t seem so bad?
How to Simplify your Insurance Policy Renewal Process
Prior to deciding on their health insurance renewal, our clients are often surprised by the attention to detail, options, and explanations they receive from us. This is because other brokers usually just call in the fall to remind them of their upcoming health insurance renewal, and to be sure to reach out if they have any questions. But they often feel that they need to make sure they remember to ask all the “right” questions, otherwise they would be stuck with a less-than-ideal plan.
Here’s the thing: no one should have to worry about asking the right questions. The insurance policy renewal process can be difficult; there are many important decisions to make. These health insurance renewal decisions, including plan designs, cost-sharing, implementation and open enrollment, can be challenging. It is a big undertaking to make sure your employees are educated about their benefit plan offerings.
Questions to Ask Your Broker When Renewing Your Benefits
Make sure you are prepared for your health insurance renewal meeting. Ask the following questions to better understand your benefits plan:
- How much of my benefits spend is really providing value to my employees?
- What is the user/member impact going to be, i.e. what is HR going to potentially hear about?
- How do I maximize/encourage wellness/smart shopping within plans? For the sake of the EE and ER costs?
- How are telehealth services being reimbursed, and is this a feature that will continue in the future?
- Which carriers are key players and have provided the best support regarding COVID-19 and other issues?
- Carriers may include Blue Cross Blue Shield, Anthem, Harvard, and Tufts
- What changes are anticipated for next year?
Understand Which Changes are Occurring in the Marketplace
Learn about what is going on in the market to have the most success during your insurance policy renewal process. Changes we have noticed include:
- A high, ongoing focus on alternatives to office visits, such as telehealth virtual visits and on-demand video consultations
- Wellness plans are expanding more into mental health, including how to cope with new demands and stresses
- Outlook on potential ongoing, persistent, lingering claims that may be related to COVID-19.
- Balancing proper pharmaceutical coverage with escalating costs and specialty drug impact
Enjoy a Successful Insurance Policy Renewal Process with Clark & Lavey
The decisions you make regarding health insurance renewal should be as thoughtful as buying that new car. So, we won’t let you go uninformed. Clark & Lavey offers important tools and services that will benefit you:
- Enrollment Guides
- Access to New England Enrollers, which includes:
- Three options for Ben Admin systems
- Enrollment specialist to work with your employees
- Monthly newsletter
- Helpful webinars and events
- Accessible points of contact, including:
- Broker
- Account Manager
- Practice Leader
Whether you’re in a fully-insured or self-insured plan, we will offer advice that explains everything, so you can make decisions with confidence. Give us a call at 603.883.3773 or contact us online.