What would your employees do if they had better coverage, better facility access and the doctors they already are using without surrendering any of the benefits or coverage they have come to expect?
Just imagine being able to save hundreds, possibly even thousands of dollars on your company insurance premiums without giving up a single perk!
When COVID-19 hit there was suddenly a huge drop in claims for insurance companies..no more “elective surgeries”…in person visits at the Doctor’s office were very quickly replaced with Telemedicine visits…other than major events everything has come to a halt.
Quick question, did you get a rebate for all of those unused premiums?
Where will this pandemic leave you and your business when it comes time for 2021 premium renewals?
This is the time to be proactive and really hunker down with the data so you can make the most informed decisions for your company and for your staff.
If you haven’t already started, today is the best day to begin doing research and gathering quotes rather than waiting for your renewal period to hit.
Renewal season is upon us and it’s important to take action now to arm yourself with information to negotiate the BEST RATE for your business.
When you are up against a renewal deadline the items that are overlooked could cost your company and your employees hundreds if not thousands of dollars which is money you won’t be able to recoup.
I recently chatted with Dennis Hartin, President of Hartin Dynamics about some important steps you can take RIGHT NOW to ward off the 6%-30% rate increases that are predicted by some of the insurance industry’s forecasters. You can listen to our conversation at podcast.trendbreakers.com episode 8.
Dennis helped a charter school save $100,000 in employee benefits costs.
Think about it, what could charter school do with an extra $100,000 per year in savings?
- New desks?
- New equipment?
- Higher salaries for their loyal teachers and staff?
- Reinvest into their students’ curriculum or even adding in some extracurricular activities?
What could your business do with an extra $100,000 per year in savings?
In addition to using the L.O.W.E.R. method before your next meeting with your broker the most important thing to do as you go into your benefits renewal season is to really dig into the data.
Here is the most important question to ask as you go into benefits renewal season this year:
What was the actual dollar amount of the claims that were paid both last year as well as into the current year?
Can you even access that information? Do you know where or how to find out that information?
Depending on the size of your company and the number of employees that you have there are a couple of options available to you.
Remember that your insurance carrier might only want to share the top 10 claims with you.
By doing that it appears that you have had a “bad claims year” even though when you add all of the employees in that data pool you might often find that the information provided by the carrier is slanted toward allowing them justification for raising your rates.
The next step is make sure your employees find the best and most cost effective ways to utilize their benefits.
By helping them go to the best facility, negotiate better savings and putting them in the right headspace it helps everyone save those insurance premiums. Just throwing a fitness tracker or a phone app at them might build unity and community but it doesn’t ultimately help anyone lower the cost of premiums or co pays. Information DOES!
There are even providers out there that will give rebates, cash rewards, offer zero copays and/or gift cards for using their services.
Are you aware of these benefits so that you can pass on the savings and information to your employees?
There are thousands of people that will drive an extra 30 minutes to save a few hundred dollars on a TV so why wouldn’t your employees be willing to drive a few extra minutes to save hundreds on their health care services?
By providing employees more options so they can save money and have better healthcare it will, in the end, help you with the hiring and retention of the best staff possible.
Ultimately as HR professionals, CFO’s and business owners the best thing that you can do is STOP believing the myth that costs just go up every single year and proactively arm yourself with the knowledge to negotiate along with the data to back up your decisions.
This will ensure that it is a WIN/WIN negotiation between you and your Broker.
After all think about this scenario: You pay your tax professional to help you record and file appropriately to avoid an IRS audit. What would you do if the bill for your tax professional continued to go up each year and you STILL got audited from the IRS every single year…how long would you keep that person on your staff when it was their responsibility to PREVENT you from being audited?
If your broker is making more money as you are paying higher premiums for possibly less coverage how long would you keep them as part of your team?
This is the time that KNOWLEDGE really is a SUPERPOWER!