How to Save Money on Employee Benefits During Annual Renewal

Healthcare is overwhelming today.

As an employer, it’s easy to dread your health insurance renewal each year.

How do you continue to afford health insurance for your employees?

Health insurance costs have been rising steadily, with annual increases typically ranging from 9% and some years up to 20% to 30%.

But renewals do not always have to be hard or expensive.

I have been in the group health industry for 30 years, and I can give you expert advice for your healthcare renewal and save you headaches by trying to figure it out on your own.

As business owners, we’re responsible for being good stewards of employees’ healthcare funds, with the government, under ERISA, beginning to audit health insurance policies across all company sizes.

I stand as an advocate for small and medium-sized companies, and I think creatively and outside the box in finding solutions for them.

Look Beyond Standard Insurance Plans

It’s essential that both you and your employees can afford your insurance policy.

I propose to you that maintaining affordable coverage requires looking at the different health insurance options outside of the ‘canned plans’ offered by the large insurance companies.

Our world is changing fast!

I believe that in 5 years the health insurance options for companies with less than 200 employees will look very different – in a good way.

The question is: Do you want to lead the change?

Begin the process now to design your plan.

Focus on supporting healthy employees while also looking for ways to save money for both the company and your employees.

Ensure your group health agent is not simply taking your group census to different health insurance carriers, asking for quotes, and just recommending the least expensive option.

Instead, you need to learn what is driving your claims cost and address that first.

For example, expensive medications can significantly increase overall health costs. Look at your claims for medications and work on a plan ensure that the high cost of drugs can be affordable.

Digging deeper into your claims data will help you avoid quick fixes that won’t serve your long-term needs.

This is the only way to control health insurance premiums for the long term.

My advice:

Don’t assume anything and keep asking questions to make sure you are getting what you need.

With the right strategy, you can turn the renewal season into an opportunity to save money while ensuring your employees receive the care they need.

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Braden Benefit Strategies, Inc. is a group health insurance agency based in the Atlanta Metro area, specializing in small businesses with 20 to 300 employees. Our mission is to provide expert advice to help you manage one of the largest expenses on your P&L while ensuring your employees have access to quality, affordable healthcare.

We would be honored to become your trusted agent. Call us today to find out how we can help you at 770-447-9843.