While the exact figures aren’t in as of the time of writing this, it’s safe to assume that many Illinois-based companies will be faced with the real prospect of group health plan premium increases. We’re already seeing evidence of this, despite just now entering the period of peak renewal for many businesses throughout the state. And this really comes as no surprise to anyone. Group health plans have become continually more pricey, and it’s forcing many organizations to look more closely at what they’re paying, and what they’re getting in return.
If you’re among those tasked with the responsibility of overseeing your company’s employee health insurance benefits, there are some things you definitely need to keep in mind. Here are just a few of the most pressing.
Reconsider Auto Renewing Your Current Plan
It can be easy, especially when other projects and responsibilities are taking up your time, to automatically renew the previous year’s coverage. But as many have found out over the past few years, not looking closely at new premiums, deductibles and other essentials can be costly. An established agency that specializes in group benefits will be able to show you comparative options, or customize a plan for those seeking coverage at reduced rates.
Evaluate Over-coverage Based on Realistic Needs
On the topic of group health benchmark assessments, during the process an agent will be able to identify areas where you might be overpaying based on unaddressed status changes, participation rates reductions, over-coverage and various other factors. Once identified you’ll have the option of modifying your plan, which in many cases has resulted in reduced monthly premiums.
Make Sure Your Agent Understands Your Concerns
When it comes to ensuring that you’re getting the best group coverage possible at rates that don’t keep you in the red, it’s imperative that you work with a broker who not only understands healthcare reform, but one who ‘s also willing to take the time to research, present and explain a wide range of plans and options. It’s a sound way to determine how up-to-date they are, and will ultimately result in you getting the best valuation for your healthcare dollars.
Get a Free Expert Review of Your Current Group Health Benefits
If you’re an Illinois business looking to make sure that you’re in the right plan, Premier in Lisle can help. We’ve been serving Chicagoland and the entire state since 2003, and staff a team of licensed agents who receive ongoing ACA/HCR education, and specialize in group plans.
To learn more or schedule time to have your existing employee benefits reviewed, call Premier today at 800-369-0287, or write to us through our contact page.