Each year, businesses sign up for new health insurance plans or renew their plans from the previous year. Here’s what companies can expect during the health insurance renewals.
- Reassessment stage.
Insurance companies will reassess pricing for the upcoming year and decide on any adjusted costs and services to the employer. Some of these costs will typically rise each year to adjust for inflation, doctor’s fees, healthcare technology, and new drugs.
- Presentation stage.
Insurance providers present available plans. We will present employers with the options your employees will have access to and pricing for the upcoming year.
- Selection stage.
Employers now have the opportunity to select the plans. Once you make your selections, you’ll choose whether or not you want to contribute and, if so, how much.
- Employee enrollment stage.
After you make your selections, open enrollment will begin for your employees. During this period, your employees will see the plans you’ve selected. This is their opportunity to switch plans.
- Completion stage.
Now that your employees have selected their plans, coverage begins on the date your insurance provider specifies.
Keep in mind that not all plans renew on the same calendar year schedule.
We at Cosmo Insurance Agency love group renewal time. Why? Because they give businesses time to reassess their needs and budget for their business and their employees. Taking this time to consider what your team needs the most is an important step, and it can significantly impact all of your employees.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
