Insurance Renewal time is a tough time for business owners. Health insurance rarely goes down in price and shopping takes time. Luckily, at AUI, we invest time into shopping for the best plan for you when we first meet, and even at renewal time.
We like to consider it a personal challenge; we find the best packages to fit the needs of our unique clients.
What is an Insurance Renewal?
Most health insurance runs on a 12-month contract. One year is the standard duration of most types of health insurance policies. Approximately 60-90 days before the end of that contract you are offered a new contract. It is then the right time to evaluate the coverage you have and look for options that might better suit your needs.
Consider renewal time to be your plan’s annual check-up.
During renewal time, it is important to examine what you liked and what you did not like about your current plan. What can the Team at AUI help you change?
Did your employees utilize the benefits?
Did you go to the doctor as much as you thought?
Did you use any benefits you did not expect?
Did you not use any benefits you thought you would?
Do you think you might need different coverage next year?
Are there benefits you wished you had access to?
Is there any feedback your employees have provided about your benefits?
During the renewal period, it is important to evaluate the costs of your health insurance plan. Think about the following:
Monthly Premiums – it is not unusual for premiums to change from year to year. If your premium is changing, do you have a plan to fit it into your business budget?
Deductibles – The amount of money those covered on your plan must pay before your health insurance kicks in to assist with costs. Benefits may have different deductibles for different coverage areas.
Network – This is the list of doctors, pharmacies, and clinics your plan will cover. Usually, it is cheaper to get health care within your network. But networks can also change from year to year, so make sure to check if where you like to go for care will still be covered.
Copays – The Flat Dollar amount is typically paid outside of Deductibles. Usually for a doctor’s visit, prescription, or Emergency room. In the case of an H S A, the copays will come after the deductible has been met
Coinsurance – The amount you owe after a deductible has been met. Typically talked about in percentages. Ie.) 80/20
Out-of-pocket costs – The amount a payee must pay prior to insurance kicking in for health services, including deductibles, copays, and coinsurance. Once someone has met the out-of-pocket max of your health insurance plan, the insurer will fully cover the remaining costs.
Preventive Care Coverage – This is the health care you get when you’re not sick to help you stay healthy. Including things like annual wellness visits, immunizations, and health screenings like mammograms.
These are all crucial factors in making sure your health insurance plan is right for your business. AUI cares and our brokers want to review all your options before you allow your current plan to renew.
When should you start reviewing your health insurance?
Businesses can begin completing online applications within four months of renewal. This means that employers can have their benefits ready for shopping before the moment the renewal arrives. It is important to remember that you will need time for your employees to fill out applications, these might be electronic or physical. It is a good idea to make deadlines early.
For the smoothest transition, businesses should begin the review process as soon as they receive your renewal notice.
Early deadlines yield quicker decisions.
Reevaluating your company’s health plan is essential.
If you are already working with one of our insurance brokers at AUI, this is a wonderful time to pick up the phone and call us. We can talk you through your options for Group Health Insurance or Individual Health Insurance. We want to be able to help you add coverage, remove coverage, or change plans to something that will better suit you, and your team.
Here is why you should consider reevaluating your health insurance more than once a year.
The insurance industry is changing and touching on it at the very end of the year could be overwhelming. If your renewal date is January 1 it is better to start reviewing your options early due to so many holidays at the end of the year
The best-performing benefits packages happen when the business approaches insurance thoughtfully and often. Open lines of communication with your employees and your broker at AUI can help you get the most from your health insurance. What is working, what is not, and how can we help you make your health insurance better?
With the help of their AUI insurance broker, many companies opt to create a 3–5-year plan of benefits. Using this strategy AUI can help with outlining goals, strategies, and action plans regarding your employee benefits programs.
How can my broker identify the right business benefits for my team?
Your Insurance broker will have insight into what other businesses are doing with their health insurance plans.
Every business is different. AUI will take the time to look through all your potential options, analyzing each one until we find the best fit.
According to the Harvard Business Review, the most desirable benefits include medical, vision, and dental coverage. Employees also value work-from-home options and more flexible hours.
AUI simplifies renewal time for you. We keep track of the market and provide competitive quotes for different benefits. Our team can collaborate with you to try and lower your rate or improve coverage for your employees.
If renewal time, has you overwhelmed, AUI will help you every step of the way, keeping both and your employees happy.
Click here to book an appointment and get ahead of your renewal.