After a chaotic year, this healthcare renewal season may get tricky. Here's your month-by-month guide to getting ahead — and winning —your 1/1 renewals.
Looking for personalized guidance for your employer's renewal strategy? Get in touch for a free renewal audit.
Your benefits renewal to-do list may be daunting, but you don't need to go at it alone. We've tapped our Benefits Advisory Board, internal Client Success experts, and spoke to HR leaders like you to create resources that helps you stay informed, organized, and proactive.
estimated increase in healthcare costs for 2024
of employers re-evaluating their employee benefit programs
of employees satisfied with their benefits, lowest in 10 years
There are so many vendors, tech solutions, and funding strategies out there. The trick is finding the right ones for your organization.
But this research phase shouldn't feel like cramming for the big test — because your broker should have the answers you need.This month, lean on your broker for their guidance as you weigh your options.
"If you think there's an opportunity in your plan to be creative... to create value for your plan, I would say you need to push your broker. Say, 'give me the strategy and the timeline that shows me how these alternatives would play out.'"
You should be getting your renewal information back any day now. This will include key plan updates, including your expected rate increase.
When you get this info, you have some options. You can choose to take a no bid negotiation approach and commit to staying with your current carrier.But if you think you may be able to find a better rate elsewhere, you could try marketing, which means your broker will get quotes from other carriers.Once that's settled, you can set your sights on open enrollment. Onward!
"Your carrier's first proposed rate increase doesn't have to be the end-all-be-all. Asking your carrier for rate relief can often yield results. Plus, you never know what other carriers may be willing to offer if you just ask."
We can't promise that renewals will be the most fun thing you'll do this year.
But don't let them sneak up on you — because these negotiations may get complicated. You'll be glad you started early. Use this month to set your foundation for success, and we'll walk you through the rest.
"This is the perfect time to take a pulse check on your current benefits offering. Take this opportunity to check in with your employees on how they feel about their plans, with a focus on actionable feedback."
