Renewal Date November or December? You Should Be Renewing Now

Most businesses moved their health benefit renewal dates to the fourth quarter in 2013 to avoid price increases coinciding with legislative changes to the Affordable Care Act. The result is an overwhelming number of accounts renewing their group health insurance and employee benefits at the same time. Health insurance carriers are inundated with phone calls, paperwork and deadlines.

To ensure your group health insurance renewal goes as smoothly as possible, it’s in your best interest to work with your broker to start now. Your group will also see the benefit of taking the time to evaluate each carrier and plan so you get adequate coverage at affordable rates. Your health insurance broker should be able to guide you through this hectic process and offer each alternative so that you may weigh the options with time to spare.

You may be up against an increase in premiums this year, so you’ll also need time to plan for funding. Working with your health insurance broker now can help you understand the cash flow needs you may have in the near future.

The key to a stress-free renewal season is communication. If you haven’t heard from your health insurance broker lately, it may be time to seek out an alternative. With so many changes in the marketplace, many health insurance brokers have either downsized or gone out of business completely. While they should be in contact with you and not the other way around, it’s important not to wait until the last minute to find out if they’re going to bat for you this year.