Focused on small businesses with 20 to 300 employees
As we enter the year end renewal season, small businesses continue to struggle. The increases this year for small businesses who are not using level funded plans are staggering. It appears increases in the under 50 lives ACA/Obamacare plans are between 23% and 26% in metro Atlanta.
At this rate, small businesses will see a 100% increase in four years. How is that sustainable?
Companies with more than 50 employees are also struggling as they are seeing increases above the national average of 8% according to PwC.
What is the answer? Same as it has always been. Every year at renewal, agents shop the big 4/5 (Blue Cross/Anthem, United Healthcare, Cigna, Aetna or Humana) hoping to find a lower premium than the renewal premium their client received.
The decision is made to either change carriers, chasing the lower premium, or remain at the current carrier and adjust the benefits. This puts more financial exposure on the employees as the deductibles, copays and/or maximum out of pocket increases to keep the monthly premium low.
How does this solve anything?
Meet the NextGen Agent
- We are not ‘just’ a group health insurance agent. NextGen agents recognize our job is to Manage the Health Care Risk of our Clients! The risk, not the healthcare. We create policy specific to the client and design the different pieces that create the health insurance offering.
Legacy Thinking – is how the NextGen agents refer to those who remain stuck in the old model which we know does not work.