Each year you’re in the health insurance industry, you’re sure to learn more and gain insights into how you can better serve the needs of your clients.
How Does Your Approach to Renewals Change With Experience?
Think about your own experience. Are you approaching renewals today in the same way that you did last year? Five years ago? A decade ago? Probably not. Experience is educational. You learn each year from your successes and your shortcomings.
Open Enrollment Season Tips: A 4-Stage Renewal Timeline for Brokers
Here’s a look at best practices you might consider for your next client renewal and open enrollment.
Stage 1: Strategy and Discovery (90+ Days Out)
During this phase, you will want to:
- Meet with your client and discuss the budget for the new plan year.
- Explain why auto renewing the current plan may not be the right approach.
- Review current participation and the target for retention/renewal.
- Discuss corporate goals, “must haves,” and “likes” for new coverage.
- Examine changing employee demographics and claims utilization data if available.
- Request early rates from current carrier (whether or not renewal is being considered).
Stage 2: Market Review and Analysis (60-90 Days Out)
At least one month prior to Open Enrollment, you will want to:
- Benchmark carrier options.
- Consider possible alternative funding options.
- For larger groups, using group utilization data and peer data, ask for reconsideration of rates.
- Narrow plan design options and expected employer and employee contributions.
Stage 3: Decision and Prep (30 Days Out)
In the month leading up to renewal, you should:
- Confirm the selected carrier(s) and plan(s) with organization leadership.
- Develop the expected enrollment schedule.
- Agree upon planned printed or digital materials and communications deck for employee presentation(s).
- If utilizing web communications for remote employees, finalize those materials.
Stage 4: Employee Education and Open Enrollment (Final Weeks)
In the final weeks, you should focus on employee education and enrollment:
- Announce the schedule for Open Enrollment to employees.
- Where possible, leverage technology to ensure a smoother enrollment process.
- Distribute guides to employees outlining new plan benefits, deductibles, copays, networks, and cost-sharing; discuss tools to help employees match their needs to available plans; include information to be sure employees understand what, if anything, is changing from their current plan(s).
- Hold enrollment meetings (in-person, online, or recorded for remote employee access); discuss “default auto-enrollment” if employees fail to respond by the close of open enrollment.
Get Peak Season Support: Shop & Compare With W&B’s Help
Your W&B team can help you be the trusted advisor your clients need and want. Whatever your market niche and group size focus, we are here for you. We have the portfolio, tech, enrollment pros, and other experts to help you do your job better – during peak season and throughout the year. Contact your W&B rep to learn more.
If you are not already working with us, it’s easy to get started. Register online today. Or reach out to me.
Renewal Season FAQs for Health Insurance Brokers
When should brokers start preparing for group health insurance renewals?
Start at least 90 days before the renewal date. Meet with the client about budget, goals, and participation, and request early rates from the current carrier.
Should a group auto-renew its current health plan?
Not by default. Benchmark carrier options and alternative funding first. For larger groups, use utilization and peer data to ask the current carrier to reconsider its rates.
What should employees receive during open enrollment?
A clear schedule, guides covering benefits, deductibles, copays, networks, and cost-sharing, a summary of what’s changing, and access to enrollment meetings (live or recorded).
