Group Health Insurance
Health care reform
Health Savings Accounts (HSAs)
Individual Health Insurance
Long Term Care Insurance
Medicare related coverage
12-26-2008 by Colleen King
Wow–time got away, and I’ve posted nothing in December! Other than the usual holiday stuff keeping me busy, I also had several group health plan clients whose renewals are coming up January 1st. My advice to you when your group health insurance renewal comes around is to attend to it early on, and not wait until the last minute when possible. Here’s why.
(Merry Christmas from my partner on the right, Aidan, and his gal pal Siobhan. I’m sure you know the other guy)
About 6-8 weeks before your anniversary date, you and your agent will get the next year’s rates for your group health plan. What I tell my clients is that we’ll look them over, and when you get over the inevitable sticker shock, I’ll research what else is out there so see if it makes sense to make a change in plans, either within the same carrier or to change carriers.
If you change plans within the same insurance carrier, the paperwork is usually pretty light. But if you are changing carriers, you are starting from scratch so all new paperwork needs to be submitted. When you go through this process close to the renewal date, there is always the concern that something may be missing, delaying the implementation of a new plan. And if you have a January 1 renewal date, believe me, things slow down at the insurance companies because of the Christmas and New Year holiday time off.
Group health insurance renewals are also the time to add new employees. If this process is completed after the first of the month and they need care, there can be hassles in their obtaining care because the insurance company doesn’t know your employee is eligible.
Even though I’m emphasizing January 1 renewals in this article, it applies to renewals at any time of the year. Since money is tight for most companies, talk to your agent about less expensive plans to see what might be possible. You’ve got better things to spend money on than health insurance of course, but keeping a group health insurance plan goes a long way to recruiting and retaining good employees,
Have a wonderful holiday season, and a fabulous 2009!