Doing a Little Health Insurance Research Can Save You a Lot
The year 2020 taught us many things, among them how incredibly important health insurance benefits can be. Unfortunately, despite the unexpected and challenging reality check the COVID-19 pandemic gave us all, shopping for health insurance benefits for most businesses and individuals will still fall at an inconvenient time: the midst of busy, end-of-year activities. Plus, depending on your industry, resources may be in short supply following more than a year of quarantine.
If you’re looking for a fast read and a few quick tips to save money and make benefit shopping an easier experience, you’ve come to the right place. Here are three health insurance shopping tips that can put money back into your business or your pocket without stressing you out.
Check the Health Insurance Market
I know this doesn’t sound like fun. However, if you have renewed the same policy at 10 percent over the last five years, your rates have increased over 70 percent! Taking (a little bit of) time to compare the costs of a new plan may reveal savings you did not anticipate. Some businesses and individuals have saved as much as 50 percent just by taking a relatively quick look at the market.
If it’s been a while since since you checked, you may be leaving some crucial savings out of your pocket. Who doesn’t want an extra 10-15 percent to put back in their business?
Use the Market Check As a Point of Negotiation
One argument we hear from insurance decision makers with employees is that changing carriers is hard. While we agree switching can be more difficult and time consuming than keeping everything the same, keep in mind that knowledge about the current health insurance market can give you the ability to negotiate your renewal with your current carrier at a lower rate.
Competitive quote data (i.e., cheaper rates from another carrier) may be all you need to reduce your health insurance rates. So, even if you plan to renew with the same carrier, find out if there are competitive rates out there that could save you some extra cash.
Stop Paying Your Agent For Nothing
Let’s be honest, most agents are happy to just allow business to renew without having to do a lot of work, but a good agent will make sure 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 will. Your health insurance agent gets paid whether you shop for new benefits or not, so make. them. work. for. it.
At AUI, we would be happy to help you with a market check and provide competitive quote data. Plus, if you choose AUI, our Ohio-based brokers will work hard on your behalf, becoming your trusted advisors for plan selection and implementation, industry updates, and ongoing benefits guidance. Here’s a word on that from my kids…
To learn more, contact AUI.
