When a health insurance renewal approaches, employers often rely on their benefits broker to review available options and help them make an informed decision. However, a renewal proposal alone doesn’t always give a business a clear picture of what else may be available.
Taking the time to understand how your benefits broker approaches the renewal process can help you determine whether your business is reviewing enough options.
Ask What Options Were Reviewed
One of the simplest ways to understand whether your broker is shopping the market is to ask which insurance carriers and plans were reviewed.
A thorough market review may involve comparing different coverage options, costs, plan structures, and other factors. Employers should feel comfortable asking for an explanation of the options that were considered and why certain plans may or may not be suitable.
Compare Your Current Costs
Looking only at the renewal rate may not provide the full picture. Employers can compare current premiums, deductibles, coverage, and other plan features with available alternatives.
An employee benefits benchmark calculator can provide another useful reference when reviewing benefit costs and understanding how your current plan compares with relevant benchmarks.
Review Your Employee Benefits
Your renewal should focus on more than reducing costs. The right plan should also consider what employees need from their coverage.
Reviewing your current employee benefits solutions can help you determine whether your existing plan still meets your workforce’s and business’s needs.
Employers can also ask whether alternative plans provide similar coverage while offering different cost structures or features.
Look Beyond the Renewal Proposal
If your broker presents only the same plan with a new premium, it may be worth asking whether they explored other options. A market review can give employers more information before they decide how to approach renewal.
This does not necessarily mean changing carriers or plans. It simply gives businesses a chance to compare what is available before deciding.
Prepare for Open Enrollment
Once a business has reviewed its options, the next step is preparing employees for any changes. Clear communication can make it easier for employees to understand their coverage and make informed selections.
An open enrollment checklist can help employers organize important tasks and prepare their workforce for the upcoming enrollment period.
Consider a Benefits Analysis
If you are unsure whether your current benefits strategy meets your needs, an outside review may offer a fresh perspective. A professional analysis can help employers look at their current plan, costs, and available options.
Businesses can request a free employee benefits analysis to take a closer look at their existing benefits strategy.
Final Thoughts
A benefits broker shopping the market can give employers more information as they review their renewal. Asking which options were considered, comparing costs, reviewing employee needs, and understanding available alternatives can help businesses make more informed benefits decisions.
JS Benefits Group helps businesses review their employee benefits and explore options that fit their organization. Contact JS Benefits Group to discuss your current benefits strategy and available options.
