Ever feel the health plan renewal process is holding you hostage? Does it seem like the insurance companies and brokers have all the control over what your plan will look like, what options you have, and how your pricing will be affected? Do you find yourself too crunched for time to seek alternative options and additional savings once you finally receive your renewal back?
Whether your health plan is fully insured or self-funded, the old adage that “information is power” applies here. Starting early and proactively arming yourself with meaningful, actionable information, data and analytics can make all difference as to whether you end up a hostage or hero in the renewal process.
In this one-hour webinar, employee benefits attorney Bill Freudenrich is joined by Todd Neaves, employee benefits and risk management consultant and president of PremierSource, to review key renewal strategies for both self-funded and fully insured plans. For plan sponsors who are unsure of whether it makes economic sense to switch from fully insured to self-funded, the panelists will also review common strategies and key decision points for making that determination.
Other topics include:
- Why starting the process early and taking a proactive role are critical to managing costs and plan design.
- What to expect – and demand – from your broker well before you renew.
- Why understanding key data about your current plan’s usage can help you make important adjustments for next year’s plan.
- Why you shouldn’t resign yourself to another automatic increase in costs … again.
Watch this webinar — Originally broadcast June 27, 2012
» Download the presentation materials
The following is an answer to the most frequently asked question submitted during the webinar’s live broadcast.
Q: We are a small company with less than 50 insured employees/dependents. We have not been able to get data from the carrier because we are told by our broker that the carrier is not required to disclose claims data for companies our size. Why is this so and is there anything we can do about it?
A: Employers with less than 50 employees do have greater challenges as it relates to preparing for and projecting their health plan renewals. The deck is somewhat stacked against these employers because state law does not require insurance companies to provide claims experience to employers of this size.
Even with these limitations, the smaller employer shouldn’t feel held hostage by the renewal process. In fact, the internal underwriting process is a very helpful tool which can and should be used to evaluate proposed plan design changes in order to determine how such changes, if implemented, might result in overall cost savings. Starting this process with a strategy and reasonable budget expectations provide a good start for when the renewal is released. So whether you’re a small or large employer, the advice is the same: Be proactive and do your internal underwriting homework so you have a better feel for what you should be paying.
Please note this Q&A section is for informational purposes only; it does not provide legal advice and is not intended to create a lawyer-client relationship. In addition, we are not able to provide answers to fact-specific inquiries. Readers should not act upon the information provided below without seeking professional counsel.
This webinar was pre-approved for 1.0 (General) recertification credit hours toward PHR, SPHR and GPHR recertification through the HR Certification Institute. Registration prior to the live event is required to receive HRCI credit for this webinar. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute’s criteria to be pre-approved for recertification credit.