Welcome to our Open Enrollment 101 series where you will learn how to successfully navigate the open enrollment renewal cycle. If you’re reading this chances are you’re looking for ways to make shopping for benefits go smoothly as well as look for tips that could save you some money. Today we’re going to talk about why policy review is a key component of cost containment for your health insurance.
- You may be paying more than you need to
If you have renewed the same policy at 10% over the last five years your rates have increased over 70% from your original rates. As new medically underwritten products enter the market the cost of coverage in comparison to your current plan may be significantly less. Some businesses have saved as much as 50% from their grandmothered or ACA plan.
If you are not checking the market you may be leaving some crucial savings out of your pocket. Who doesn’t want an extra 10-15% more to put back in their business?
- Shopping for coverage may give you a point of negotiation with your current carrier
One argument we hear from insurance decision makers is changing carriers is hard. While we agree it is definitely more difficult than renewing in your current plan by refusing to shop you give away the potential to negotiate your renewal to a lower rate.
Competitive quote data, in other words cheaper rates from another carrier, may give you a place to start negotiating your health insurance rates. So if even if you plan on renewing with the same carrier taking the time to see if there are competitive rates out there could save you some extra cash.
- If your agent is not helping you through this process you are paying them for nothing
Your health insurance agent gets paid whether you shop for new benefits or not. Let’s be honest, most people are happy to just allow business to renew without having to do a lot of work, but a good agent will make sure that they have exhausted your potential options for coverage and helped you find a plan that best fits your needs. If your agent does not help you navigate through this process it may be time to find someone who does.
To learn more about how AUI can help you, please contact us!