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Preparing for your Group Health Renewal

There are many factors that go into preparing for your group health insurance renewal. Take a look at the 7 steps you can take to prepare for your group health renewal:

1.     You will want to start planning at least 90 days before your policy renewal date.

·       Changing carriers or plan options takes time.

·       Keep in mind renewals are typically ready 60-90 days prior to renewal.

·       Consult with your Broker/Agent.

2.     Review your current plan(s).

·       Review if any gaps in coverage.

·       Consult with your Broker/Agent.

3.     Access your employee needs.

·       Conduct survey to see if employees and preferences have changed.

·       Do employees prefer to pay more in insurance premium for a lower deductible and out of pocket cost when they utilize care?   

·       Do employees prefer to pay less in insurance premium for a higher deductible and higher out of pocket costs when they utilize care?

4.     Explore other options.

·       Are there other plan options available?  Consult with your broker.

·       If you are a small employer (less than 50 total employees on payroll).  If your group is healthy consider cost savings by moving from an ACA Fully Insured health plan to a Level Funded policy.   Level Funded plans do require medical underwriting, if your group is healthy enough you could see significant savings.

·       You may find you are best where you are at.

5.     After other options are explored, you may find your already in the best place.

·       This will avoid any cause for concern or questions from employees.

6.     Market Changes

·       Keep in mind factors for renewal increases, like rising healthcare costs and inflation.  

·       Consult with your Broker/Agent.

7.     Are your plan benefits well rounded?

·       Do you offer Dental and Vision insurance to your employees?

·       Do you offer other supplement insurance to your employees, like Life, Accident, Critical Illness, and/or Hospital Indemnity insurance?   Employees like options.

·       Consult with your Broker/Agent.


Contact:  Angela Romenesko at Paroubek Insurance at 920-347-9334.



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