Insurance renewals are often deemed as a hassle, but did you know that these are actually a great opportunity for companies like yours?
It doesn’t matter if this is your first time to deal with insurance renewals or not because something new will always be considered when the time comes.
During the process of insurance renewals, providers of health insurance will assess your policy before identifying the right pricing plans that will be implemented the next year. Take note that health insurance firms are renewing plans on an annual basis.
As an employer, you will be getting new pricing plans, and from there, you will decide if you will automatically renew your existing plan or you will choose new benefits.
If you happen to be currently offering health insurance, the process of renewals is no longer optional. Even though it might seem like it is a total slog, the truth is that this event can give you some exciting perks.
Here are the best ways on how you can make the most out of insurance renewal. And use it to your advantage.
Reassess the Needs of Your Company
There are many things that can change in just a year, particularly if your company is growing continuously. You might want to take a look at the changes in the group size of your employee, which include their demographics.
Are there more parents who are working for you who might want to have comprehensive family benefits? What about the number of workers you have had go from being part-timer to being full-time? Once you have increased another funding or if you’re trying to be austere, it’s the best time to reevaluate the needs of your company.
Let Your Employees Do the Same
Barring qualifying events including the death or birth of a child, divorce or marriage, your employees will need to stick with the options of health insurance they pick for the following year. It’s the time for them to reassess their needs when it comes to their budget and finances. It is also a chance to choose a better plan from what you are offering.
Follow the Rules and Regulations
When it comes to the market of health insurance, rules and regulations change on a regular basis. Even if it isn’t always a painless process, the insurance renewals are essential to ensure that the plans are compliant.
Find Some Good Options
See what is new and what has changed in the past few years. Since Justworks has grown as PEO, you might have an access to the new kinds of benefits. Teladoc, Health Advocate, and One Medical are the perks you may provide to your employees to sweeten everything.
Leverage Renewals As Your Tool
Perhaps the significant part of renewals is the ability to provide your employees more of what they like. Prime health insurance as well as benefits are a good recruitment and retention tool, which enables you to be win and competitive in the talent war.