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4 Ways to Make Your Next Benefits Renewal a Walk in the Park

7/8/2020

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Benefits renewals can be grueling and agonizing affairs, but they don’t have to be. If you follow these 4 easy steps, then you could be on your way to a much brighter future as you plan for your next renewal cycle.
1. Conduct due diligence on how your plan is constructed
It is easy to fall into a pattern of renewing “as is” without a thorough examination of the current market and its trends and possible savings. Even if your percentage increase was not bad, ask yourself two questions: How do my rates and benefits compare with the rest of the market and could I design a better plan to reduce my overall medical spend? As rates continue to rise, talk with your broker about new ideas and draft a vision for strategic positioning of benefits; don’t settle for status quo.

2. Consider level-funding
The marketplace is always changing and some new plans and products are allowing small companies the opportunity to participate in the self-funding process without extra risk of exposure. Forgot what you may have been told years ago about level-funding and ask your broker if this plan makes sense for you and your small business.

3. If your company is self-funded, have an outside company conduct a self-funding audit
A thorough audit can uncover new savings opportunities that could save your company thousands of dollars each month. With fierce competition amongst Third-Party Administrators, Pharmacy Benefits Managers, and Provider Networks, you want to make sure your company is taking advantage of the best discounts across the board.

4. Be sure your broker is a true ally
A good benefits broker does more than just deliver renewals and collect commissions. There are many brokers who offer a suite of assistance such as HR Help Desk, HR and Compliance software programs and 1094/1095 Administration, among other helpful services. Use your broker relationship to ease your burden of managing benefits.
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Allied National

Founded in 1970, Allied National is one of the nation's oldest and most experienced third-party administrators. We're the small group benefit experts working to provide unique and affordable group health benefits to small business employers.

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    Allied National

    Allied National is a 90 Degree Benefits Company, a subsidiary of Blue Cross Blue Shield of Alabama. Founded in 1970, Allied National is one of the nation's oldest and most experienced third-party administrators. We're the small group benefit experts working to provide unique and affordable group health benefits to small business employers.


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  • Home
  • Employers
    • Self-Service Login
    • Prescription Benefits
    • Lab Program
    • Abenity
    • Employer Resources >
      • Freedom Hybrid - Employer Resources
      • HSA Freedom Hybrid - Employer Resources
      • Freedom Traditional - Employer Resources
      • Freedom Essentials - Employer Resources
      • Cost Saver Plan - Employer Resources
      • PPO - Employer Resources
      • MEC - Employer Resources
      • Apex MEC - Employer Resources
      • Community Health Plan - Employer Resources
      • First Health - Fundamental Care - Employer Resources
      • Prime-Fundamental Care - Employer Resources
      • Vault PPO - Employer Resources
      • Vault RBP - Employer Resources
    • EBA Newsletter
  • Members
    • Member Resources
    • HealthCare Assistant
    • HealthChoices
    • Self-Service Login
    • Find A Provider
    • Prescription Benefits
    • Telehealth
    • Lab Program
    • Abenity
    • Member Download Forms >
      • Appeals
    • Member FAQs
  • Agents
    • Agent Edge
    • Plans >
      • Level Funding >
        • Freedom Plan >
          • Hybrid
          • Traditional
          • Essentials
        • PPO
        • Cost Saver Plan
        • Preventive Minimum Essential Coverage
        • Direct Primary Care >
          • DPC Directory
      • Dental Design
      • Pivot Health Individual Plans >
        • Short Term Medical
        • The Bridge to Medicare
        • Fixed Benefit
        • Brilliant Dental
      • Premium Only Plan
    • Self-Service Login
    • Download Forms - Agents
    • Product Availability
    • Training Webinars
    • Agent FAQs
  • Provider
    • Provider Verification
    • NDPCP >
      • DPC & Benefit Plans
  • About Us
    • History
    • Testimonials
    • Blog
    • Newsroom >
      • Allied Logos
  • Contact Us