Countless Illinois businesses have already renewed their 2020 employee health insurance plan, and as many have discovered, group premiums are once again on the rise. Some saw only modest increases and some remained flat, however, a concerning number have faced renewal premiums that increased significantly. If you’re wondering why this keeps happening, you’re certainly not alone. One of the most costly mistakes a business can make is automatically renewing their previous year’s plan before closely looking at alternative options, combination plans, group HRAs and other premium-reducing solutions.
If you’re tasked with the responsibility of selecting your company’s employee health insurance plan, here are a few things to keep in mind that can help reduce premiums without sacrificing the quality of group medical benefits you offer.
Avoid the Urge to Automatically Renew
Anyone running a business or managing an HR department has plenty to do without comparing group health plans for hours on end. As a result, too many companies simply accept the rate increase in an effort to avoid the process, altogether. This is a common, but unnecessary mistake. There are new coverage options each year, many of which may reduce your premiums. If your agent isn’t presenting them to you, it might be time to work with one who does.
Find Out What’s New from the Major Carriers
The industry’s leading health insurance carriers are consistently updating their group plan offerings, allowing businesses the opportunity to determine whether or not an alternate plan might better suit their needs and budget. Be sure to learn what’s been introduced since your last renewal date, or get in touch with a local health insurance agent if you’re not comfortable exploring new options on your own.
Run a Comprehensive Benchmark Assessment
A benchmark assessment is a detailed, side-by-side analysis of a company’s existing group plan, in comparison with what similar groups in the same rating area are paying based on a wide range of variables. These reviews are typically conducted by licensed agents using specialized software, though not all agents offer the service.
A benchmark assessment can show you exactly where you stand with regard to monthly premiums, coverage offerings, claim information, HRA utilization and much more.
Work With a Local, Licensed Agent
If you’re accustomed to dealing with employee health benefits on your own, it can be extremely helpful to partner with a local agent. There are typically no fees for their services and (most) are well-versed in anything new that the major carriers may be offering. Be sure to ask them about combination plans, Medicare enrollment for employees turning 65, HRA/HSA options, and other ways to avoid a costly auto-renewal.
Find Out if You’re Overpaying for Group Health Benefits
If you’re an Illinois business who’s looking to keep its employee health insurance premiums manageable in 2020, Premier Financial Insurance in Lisle can help. We offer free group plan reviews, including complementary benchmark assessments and nearly 20 years of expertise in all aspect of group coverage. There are no fees for any of our services and zero pressure for those looking to see what else is out there.
To learn more or schedule time to meet with one of our licensed staff agents, contact our Lisle IL health insurance agency by phone at 800-369-0287 or write to us in confidence through our website’s secured contact page.