Navigating the Indiana Group Health Insurance renewal process can feel overwhelming, especially with the rising costs and maintaining quality coverage for your employees.
Tips on Navigating Group Health Insurance
1. Start Early: Renewal Timeline
The renewal process typically starts 60 to 90 days before plans renew. This window gives you enough time to review your existing coverage, assess employee needs, negotiate rates, or go to Market.
2. Evaluate Your Current Plan
Once the renewal is released, closely examine how your current health plan has performed.
- Have there been significant claims or high utilization rates?
- Are employees satisfied with the plan?
- Are there specific areas where you can improve coverage or reduce costs?
3. Analyze Claims and Prepare for Rate Increases
A new Indiana state law allows employers to obtain claims data even if the plan is considered a small group. Upon request, your insurer will provide a general report on claims activity over the past year. This is essential data for understanding why your premiums might be increasing.
4. Going to Market:
A good broker or benefit consultant can determine if the group is marketable.
Reason to go to Market:
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- There has been a demographic change in the employee population. Suppose a percentage of older employees retired in the last year or moved to Medicare.
- A significate reduction in claims; suppose there is a population that has moved Biosimilars from brand-name biologic drugs.
- New Carrier plan offerings.
- Unjustified rate increases.
It’s important to remember that not many carriers offer insurance benefits in Indiana. Therefore, it is recommended that you take a strategic approach to going to Market for Indiana Group Health Insurance.
5. Consider Changes to Your Plan Design
Consider tweaking your plan design to manage rising costs while still providing value to employees.
Any plan changes to lower premiums typically involve cost shifting to the members. These changes can be justified if the benefits are not being utilized.
6. Communicate Plan Changes Clearly
Once your renewal is finalized, you should communicate any changes to your employees before the open enrollment period begins.
7. Utilize Technology to Simplify the Process
Leverage benefits administration platforms like Employee Navigator to make the renewal and enrollment process smoother. These tools can streamline everything from tracking employee enrollments and benefit education to ensuring compliance with various regulations, ultimately reducing administrative burdens on HR.
Conclusion
Indiana Group Health Insurance doesn’t have to be overwhelming. Adopting a structured timeline will help lessen stress and prevent last-second decisions.
Contact Nefouse & Associates to Simplify Your Indiana Group Health Insurance Renewal Process:
If you’re feeling overwhelmed with your group health insurance renewal or just want a second opinion on your current plan, contact Nefouse & Associates ASAP. We can work through the renewal process to ensure you get the best possible coverage at a competitive price. Let’s review your options!
