Health insurance renewals happen every year, and every year, employers gear up to tackle the process. Renewals are a necessary part of offering access to employee benefits, and this period can also provide a great opportunity for businesses to reassess their offerings.
Your company may have changed since you last signed up for your healthcare plan. This is an opportunity to pick new plans or reset contributions.
Why Your Health Insurance Rates May Increase Every Year
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Renewals are also an opportunity for your employees to pick their plans. During open enrollment, your employees will select their health coverage from the plans you decide to make available to your team.
At the end of the day, renewals really aren’t as scary as many people tend to believe. And when you have the right tools, it becomes even easier to renew health insurance with confidence.
Clarity is Key to Health Insurance Renewals
Renewals periods vary depending on your insurance carrier, so not every company will need to renew health insurance plans at the same time. However, no matter when you begin insurance renewals, make sure to keep education and clarity top of mind.
Before you dive in, it’s a good idea to educate yourself so you can make the best plan decisions for your team. A great first step is to review health insurance network options. For help understanding the benefits of each plan type, read our guide Building the Right Health Insurance Offering for Your Team. When you’re educated, you can better educate your team about their employee benefits options.
Clarity and communication will be really important throughout the renewals process. Let your employees know that open enrollment is approaching and what that will mean for their health insurance options. Once the open enrollment period begins, educate employees on any plan changes and walk them through their options.
Related Article: When Should a Growing or Small Business Offer Employee Benefits?
Understand Your Employees’ Benefit Needs
The health insurance renewals period offers an opportunity for you to change plans and contributions to meet your company’s needs. One great way to determine those needs is to survey your current employees. You can use our
Employee Health Insurance Evaluation Template to survey your team and better understand their health insurance needs and preferences. This is intended to help you gather general information that will help you make a decision for the upcoming plan year. The more data you have to inform your decisions, the better!
PEOs Can Help
If you’re not using a Professional Employer Organization, or PEO, to offer access to health insurance, consider the renewals period as a good opportunity to switch.
PEOs like Justworks can help you access medical, dental and vision coverage for your team at affordable rates. Like other PEOs, Justworks will help you save significantly on employee benefits, automate your payroll, and help with certain employment-related compliance. Unlike other PEOs though, we've gone out of our way to build amazing software.
Learn more about our benefits, and download our free guides linked above for help when it comes time to renew health coverage.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.
