America's Benefit Specialist August-September 2022

FIVE TIPS TO MAKE HEALTH INSURANCE RENEWAL MORE SUCCESSFUL

By Marcus Newman, RHU, CBC Vice President, Employee Benefits GCG Financial Deerfield, Illinois Marcus.Newman@gcgfinancial.com

client feels in control of the timeline, never feeling rushed to make a decision. 2. Any changes—or the decision to stay the same—were thoughtful and strategic. 3. Brokers work to ensure employees are offered acceptable programs based on cost and quality. 4. A broker finds and presents the best possible plan(s) at the best possible price relative to client’s unique circumstances. 5. Meaningful open-enrollment meetings are conducted in advance with plenty of time to address issues and concerns and all new ACA communication require ments and other compliance and regula tory changes are accounted for. Many businesses have a very negative renewal experience from year to year, but

Employer-sponsored insurance covers almost 155 million non-elderly people, ac cording to the 23rd annual Employer Health Benefits Survey by the Kaiser Family Foun dation. Clearly, many people are impacted each fall when renewals take place. While it is a major undertaking, the health insurance renewal process is not in tended to be the worst part of the employee benefits year. It could be the time when

employees are reminded of the commitment made on their behalf, including both time and money. It could be an opportunity for brokers to shine, and for employees to feel like they are important and supported. WHAT IS A SUCCESSFUL RENEWAL? 1. A broker is working with employer clients in a timely manner, ensuring the

IN ORDER TO EXPERIENCE THE BEST POSSIBLE RENEWAL, BROKERS SHOULD ENCOURAGE THEIR CLIENTS TO START THEIR RENEWAL PROCESS 90 DAYS IN ADVANCE OF THE RENEWAL DATE.

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