How to Not Dread Annual Renewal Time

It’s that time of year again for many employers. Health insurance renewals may feel like a pain; however, they may be one of the most important decisions you make each year.
 
Your renewal is the time to start a conversation with your agent or broker about whether your current plan is working well for you and what type of renewal options may be available for your small business.

If you are scratching your head wondering what questions you need to be asking to prepare for renewal time, we can help. There is a good chance that your small business isn’t in the same position it was a year ago, so here are a few areas for you to start thinking about.

• Has your employee group size changed? (Think about the demographics of your employees, too)
• Do you have more parents working who may want family benefit options?
• Have you had an influx of employees who have gone from part-time to full-time status?

 
Instead of dreading this time, look at it as an opportunity to find better coverage options – this is where your agent or benefits consultant can be of huge help.
 
It’s easy to fall into a pattern of renewing “as is” without exploring what’s going on with the current market and its trends and possible savings. For instance, a level-funded plan might make sense now for your small business when it hasn’t before.
 
This is a great opportunity for your employees to reassess their health needs, too. Some may even consider signing up for health insurance for the first time when they’ve opted-out in the past.
 
And, it never hurts to give your employees advance notice about open enrollment (the 30 days prior to your renewal) – some may be aware of renewal season while others may not.
 
According to the Society for Human Resource Management, “56 percent of U.S. adults with employer-sponsored health benefits said that whether or not they like their health coverage is a key factor in deciding to stay at their current job.” In addition, 46 percent of that same group said their health insurance was the deciding factor or a major reason why they chose their current job.
 
This means that health insurance is a key retention and recruitment tool, so it’s important to balance your employees' health needs and wants with your budget during your renewal process.
 
2020 has been a tough year on all of us in one way or another. Some important health benefits to consider for the 2021 plan year are mental health support and telemedicine services.
 
Our level-funded Freedom Plans cover these needs with benefits like Allied HealthCare Assistant and Telehealth.

• Allied HealthCare Assistant is a resource available to our members and their families to help with things like understanding a diagnosis, getting a second opinion from top doctors, managing diabetes and getting support for behavioral health issues.

 

• Our Telehealth benefit allows members to skip the doctor’s office and see a health care professional virtually to treat minor ailments such as the flu, a cold, a sprained ankle, pink eye and more.

 
These are important benefits to consider when you’re finalizing your renewal plan.

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Allied National

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