Think of your group health insurance renewal as your plan’s annual checkup. As with your own personal health, your annual physical allows you to consider what’s working for you and what’s not.
Four Reasons Health Insurance Renews Annually
- Federal and state rules around group health plans change periodically, so all parties have a chance to make sure plans are up-to-date and that your offering complies with the law.
- Prices may change based on inflation, health industry trends and risks.
- An annual deadline serves as a point to restart the accumulation of deductibles.
- They have an opportunity to update and customize what they offer to employees, and employees have the opportunity to review and change their selections.
Communication is Crucial
This saying never gets old “Communicate early and often.” PT Business Solutions will help you craft and distribute communications about open enrollment well in advance and continue to provide updates and reminders throughout the process. We work with you to ensure your employees know about the open enrollment period and the changes they can make to their coverage.
As a third party and privacy advocate, we can even help your employees look back over the past year to review their history:
Benefits: Did they go to the doctor as much as they thought they would? Did they use any benefits they didn’t expect? Did they not use any benefits they thought they would? Do they think they might need different coverage next year, like for upcoming procedures or medical treatments?
Costs: How much did it cost when they went to the doctor? Was it more or less than they thought it would be? What about monthly premiums and deductibles? Did they seem high, low or about right this past year?
Network: Were they able to go to the doctors, clinics and pharmacies they wanted to? Were they close by and convenient? Do they think they might visit anywhere new in the future?
Your employees will be ready to address their renewal with a strong sense of purpose and appreciation for the ability to meet their and their family’s needs.
Helping Hands for Your Health Plans
Managing benefits for your employees is a demanding and full-time job, but that’s all we do. With the after-effects of the great resignation and the tight labor market, you may need even more help this year. PT Business Solutions has the expertise and integrated solutions to meet your needs.