5 Questions To Ask Your Health Insurance Broker Prior To Your Renewal

2023 Health Insurance Renewal Topics

1. Should We Consider Other New York Health Insurance Providers?

Even if you are satisfied with your current carrier's quality of service, you should think about asking your broker to get quotes from other companies as well. Even if it's just to determine whether you're receiving the best deal. New plans and product models are frequently introduced, and the health insurance market is constantly evolving. It is a good idea to research the market and be aware of the options accessible to your company so that, in the event that a change is necessary, you are prepared.

2. As a NYS Business Owner, Should I Provide Additional Coverage Options?

Did you realize that you can, in fact, offer more than one health plan, even as a small business? Some businesses offer their employees a selection of health plans, allowing them to select the one that best suits their requirements as an individual or family. For instance, having a high deductible health plan that enables them to pay lower premiums may be advantageous for some young and/or healthy employees. Employees with medical conditions that necessitate frequent doctor's appointments or prescription medication may value having a plan with cheap co-pays. You can enable payroll deductions and plan options so that your workers can select the options that best suit their financial and medical requirements.

3. Inundated with Paper Applications During Open Enrollment

At open enrollment, is your Human Resources team swamped with paper applications coming in from various channels?

Perhaps you should consider utilizing a web system for benefit administration.

There are many reasons why your company should consider a digital benefit administration system, and who better to help you study your options than your broker or agent? Your broker or representative ought to be able to suggest a platform that best meets the requirements of your business. Some perks of using a benefits administration platform, if you are not already doing so, include:

• Eliminating redundant paperwork
• Streamlining the open enrollment and onboarding processes
• Expanding the benefit options and accessibility to perks
• Giving employees access to benefits information around-the-clock
• Centralizing employees' access to documents and information

4. Where Are the Gaps In My Benefits Package?

Although it is practically impossible to cover all of a company's benefits gaps, you can tailor your plan to give your staff members access to extra perks, advantages, or care options. Have you considered what would happen if one of your important employees passed away, became disabled, developed a costly medical condition, or in some other way negatively impacted their family, your company, your clients, etc.? There are many different insurance and benefit choices that can help you demonstrate to your employees that you have their best interests in mind.

Common Company Coverage Gaps:

• Ancillary Protection (i.e. Dental, Vision, etc.)
• Worksite and Voluntary benefits (i.e. Accident, Critical Illness)
• Special or "Fringe" Benefits that aren't usually included in a "standard" employee benefits package are known as fringe benefits (i.e. free lunches, gym memberships, gas vouchers, gift certificates for Amazon, etc.)

5. What New Emerging Technologies Have Entered the Health Insurance Sector Since my Last Renewal?

Individuals should always be on the lookout for new technology decks, fresh ideas, and user-friendly developments that can help you save time, money, and/or provide better overall service.

Every company may have a different vision for new ideas. Some of the fresh ideas we impart to the organizations we interact with in New York State are as follows:

• Level Funded Programs
• Fully Self-Funded Insurance
• Direct Primary Care (+Virtual)
• Reference-Based Pricing
• Domestic Medical Tourism

The issues you and your staff are having in New York should be the focus of ongoing study by your broker or agent. If you maintain an open mind and are curious about what other companies and brokers are offering, you never know what you might be missing out on or what solution you might discover in the renewal process.