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Now is the time to start planning. You just went through another renewal season. And although getting to this point has taken time, you need to keep the momentum up and the runway open to be able to make timely decisions about your plan going forward. 

Whether that means a new solutions provider or a new strategy altogether, you need the time to assess your plan and gather data. You may need to interview multiple vendors, solution partners, and advisors. 

You have that time now, but you won’t if you wait until the third quarter. Waiting until then won’t give you the time you need to make an informed choice.

In fact, you could end up feeling rushed and may hesitate to make the smartest move.

We are currently working with a client now, taking the time to speak to key members of the company in stages. This has been a three month process already, but they will have the fourth quarter to make wise decisions and have time to implement a smooth and standardized process.

You can too.

Part of designing a healthcare plan that works for your business and your unique workforce is taking an in-depth look at your plan. 

Being willing to do things a little differently to see what elements will functionally work better for you and your employees could be what your plan requires.

Some signals that could indicate your plan needs to be reexamined are:

  • You are seeing the same solution offered from the same two or three carriers every year. If this is the case, are you truly being exposed to the right solutions? Probably not. The solution being offered could be the only one your current broker has, but it may not be the best.
  • Is your broker or advisor proposing solutions or plans outside of the major carriers they support? If not, they could be missing opportunities to innovate, which can save you money while giving your people better benefits. 
  • Does your broker or advisor approach the renewal season in time to renew promptly or are they willing to give you better service? If you’re asking questions and looking for improvements, are they putting in the effort and giving you that service? 
  • Are your increases sustainable over the next 5 years? If you do the math and the answer is no, you need to act soon to address the issue before the problem becomes impossible to solve. If your trajectory favors an unaffordable direction, you need new solutions to solve those problems.

If you are seeing these scenarios year after year, you might need to look at your plan in a new way and discuss new opportunities and ideas that can improve costs and usability of your plan. 

Improve employee experience. 

Looking at your plan differently and being open to alternative solutions is important. Having the time to make decisions is imperative. 

All of the decision makers in the company need the time to devote to the decisions. They may not be in every meeting, but they need to be informed, engaged with the workflow, and participate in the process for a new solution to be effective.

That takes time. 

Don’t wait until November to get the most out of your health insurance. Begin today. You might be pleasantly surprised by the ease planning can create heading into the fourth quarter.

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