Is your 2015 health insurance renewal coming up? No more double-digit increases!
The following is written by Elizabeth Alcamo, CEBS who is a Certified Employee Benefit Specialist at The Beacon Group of Companies.
As decision-makers cross their fingers and pray they don’t receive another double-digit increase to their health insurance premiums again this year, let’s get ahead of the game together. It is possible to be proactive about an increased cost that isn’t certain yet, here’s how:
- – Pull together an employee census 90-120 days prior to renewal and have The Beacon Group review market opportunities well before you receive your actual renewal.
- – If your company has between 2 and 100 full-time employees you are going to need dates of birth for both employees and their covered dependents, as well as the smoking status of both employees and covered dependents 18 year of age or older. You will also want to include annual earnings and job titles on the census; by bundling disability and life products with the same insurer, you can get anywhere from 1% – 3.5% off your medical renewal, and often times consolidated billing.
- – If your company has between 100 and 1000 full-time employees you won’t need dependent’s information or employee’s smoking status, but you will want to include annual earnings and job titles on the census for the same reason mentioned above. You will also want to obtain recent HRA and/or claims experience data from the current insurer, as a review of wellness program opportunities and partial self-funding vs. fully-insured arrangements will be a big part of the proactive review process.
Insurance consultants and brokers receive client renewals 60-90 days in advance of the renewal date. Being proactive requires you to be furnished with that renewal the same day it is released. The team at Beacon can analyze your current plan offering and research new alternatives that your current broker may not have discussed with you, a discussion that could save you money while maintaining or increasing your current benefits package.
The Beacon Group provides unique and creative consulting services tied with superior customer service. We also assist with carrier billing issues, member claims issues, enrollment administration, COBRA administration, Healthcare Reform legislation compliance, and instituting or managing Healthcare Savings Accounts (H.S.A.) and/or Health Reimbursement Arrangements (HRA).
Refuse to accept another double-digit rate increase and demand better thinking, better solutions, and better customer service in 2015.