Big Money Savings Tip for Business Owners with Jan 1 Health Plan Renewals
It is that time of year again. Open Enrollment, ughh.
A large part of a businesses budget goes toward their Medical Insurance plan. Yet, many companies do not review the plan each year. It is complicated, employees want different things, employees get confused, and it is hard to explain the plan the changes.
Why do we change plans? Not because it's fun or to lower cost. It is because health care and insurance costs go up every year. A business must change plans just to keep the cost stable for the company and the employees.
Health insurance companies DO NOT REWARD LOYALTY! Carriers will increase costs on existing plans, meanwhile new plans are available that are not offered to current clients. That is why it is important to review options from other carriers with your broker every year. In most cases, a similar plan is available at a lower monthly premium.
BIG MONEY SAVING TIP:
We are expecting a premium increase in January. If your health plan is renewing in January or February, have a broker shop for plan options BEFORE November 15; you may be able to get the new plan started on Dec 1, and avoid that premium increase for the next 11 months. This could save THOUSANDS of dollars.
In most cases, a company can offer both HMO and PPO plans, contribute a fixed cost, and allow employees to decide whether they want to upgrade at their own cost.
At GVIS Insurance and Benefits, we help simplify the process through an easy benefits interview, plan options from top carriers with added benefits, explanation to employees and on-site enrollment.
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