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Dealing With Employer Sponsored Health Insurance Renewals

Renewing your company’s employer sponsored health insurance plan can seem like a daunting task, especially since health insurance costs are constantly on the rise. Many employers feel they have no control over the constant and unpredictable health insurance renewals. They may feel forced to make hard decisions that impact both their bottom lines and their employees’ lives.

If you are one of the many businesses that is dreading having to deal with employer sponsored health insurance renewals this year, we have good news for you. There are some things you can do to take back control!

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Take Back Control

Here are some strategies to take back control and curb your health insurance renewal rates:

  1. Start Early
    It takes time to gather information and produce accurate quotes and compare plans. So, the earlier you start, the better. We recommend sitting down with your broker at least three months before your renewal date.
  2. Carefully review your existing health insurance package.
    Ask yourself a few questions about what you are trying to accomplish with a health insurance package. Is your existing package accomplishing your goals? If not, think about what it should be doing for your business and your employees and find a plan that does what you need it to do.
  3. Partner with a company that works on your behalf to mitigate excessive claims charges.
    Your past claims have a direct impact on your renewal rate. Money paid this year turns into more money paid next year for premiums. Carriers and third party administrators that offer claims repricing services can work on your behalf to help keep your claims costs under control.
  4. Use a company that works on your behalf to mitigate excessive claims charges.
    Your past claims have a direct impact on your renewal rate. Money paid this year turns into more money paid next year for premiums. Carriers and third party administrators that offer claims repricing services can work on your behalf to help keep your claims costs under control.
  5. Stay informed.
    With constant regulations and guideline updates, it is vital to stay informed. Become educated on the details of healthcare reform action items.

How MBA Benefit Administrators Can Help

MBA Benefit Administrators has been using advantageous strategies to help employers like you save money on employee health insurance plans for over 30 years. We serve large and small employers, public entities, associations, tribal nations, school districts, non‐profit organizations and insurers.

Ready to let MBA Benefit Administrators help your business prepare your health and group health benefits package for an advantageous future? Click here to learn more about how you can take control of your health insurance renewal and how MBA Benefit Administrators can help.

Are your health insurance renewals out of control?

Let us help you save money by providing effective solutions that will give you back control.

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