The Health Insurance Renewal Process for Small Businesses
Small business owners have a lot to think about and take care of. Even though you’re the owner of a business, that doesn’t mean you have all the answers. Have you spoken with your health insurance broker about insurance renewal? Your employees are counting on it and it’s not as hard as it may seem.
Why Do It?
Your health insurance coverage won’t just carry from year to year without any effort on your part. Your employees expect that they’ll have the health coverage they need, so it’s important you take care of renewal each year. The following are some reasons it needs to be done.
Keeping coverage in place. You may not wish to change anything in your health plan, but that doesn’t mean you don’t have to renew. A simple renewal will keep your existing coverage in place for another year.Modifying contributions.
It’s possible you wish to modify the amount of contributions your company makes to your employees’ health plans. Whether you wish to contribute more or less, you can make those adjustments during renewal.Switching to a new plan.
If you’re coming to us from another insurance company, welcome! We’re happy to have you. We understand the need to switch companies sometimes, and for our current customers, we understand the need to switch to a new plan. Renewal is a process in which you can do that.Giving employees more options.
Your employees’ lives aren’t going to stay the same from year to year. One employee might get married. One might give birth to twins. Another might experience the loss of a family member. These kinds of life events could have an impact on the type of employee benefits each employee needs. During renewal, your employees can choose the plan options that are best for their unique situations.
How Does It Work?
While this may seem like a complicated process, it doesn’t have to be. At Sackett & Associates Insurance Services, a health insurance broker can walk you through the process so you end up with all the benefits you and your employees need most. Since you have already enrolled in a group health insurance program, the renewal program will take place once per year after that.
Before the renewal process, you should speak with your employees, informing them that the year mark is coming up. They can look over their benefits to determine if they have anything they want to change. They could also make requests for more employer contributions or other benefits they’d like to see you change in the overall plan.
Sackett & Associates Insurance Services will then offer you all the information about payment changes, pricing and other particulars that you’ll need to know. We take inflation, regulations, risk reassessments and network changes into consideration when changing our pricing and policies, so those will make a difference in your renewal process as well. Once you have chosen options for your employees and those employees have chosen their health plans, we’ll finish up the paperwork and you’ll be ready to go with your new policies on the start date of your cycle.
Contacting the Professionals
At Sackett & Associates Insurance Services, we are committed to helping you understand and get through the small business health insurance renewal process. For more information on how to do this, contact a health insurance broker at 707-823-3689.
