The time to think about renewing health insurance plans for 2024 is fast approaching! With most health plans renewing on January 1st, it’s important to start preparing for your company’s plan renewal or to find alternative options if the price of renewal comes in too high.
With the Affordable Care Act still in the picture, it’s crucial to be educated about any provisions that may affect your company’s health plan. Here are some tips to keep in mind when renewing your company’s health insurance.
8 Tips for Health Plan Renewal Success
Know the eligibility rules. When does coverage eligibility begin? Is your group considered large or small?
Know your company’s specific situation and needs. Do you want a fully insured group plan that does not allow for customization? or a self-insured plan, like an Individual Coverage Health Reimbursement Arrangement (ICHRA) that provides choice for your employees in choosing the insurance that is right for their family?
Are there any changes to your company? Have you recently added locations, or have lower participation? With an ICHRA there are class flexibilities that can assist with additional locations or remote workers.
Review the carrier options. Will you shop among different carriers? Or as an employer, get out of the insurance shopping business and leave the shopping to your employees by implementing an ICHRA or QSEHRA?
Think about creative plan design options to suit your company’s needs. There have been many creative solutions that have arisen in recent years such as ICHRA and QSEHRA, so talk to your broker about the options available to you.
Communicate with your broker and administrators. Planning and educating yourself and your employees is key to successful enrollment.
Flyte can help you strategize how to offset the employees’ higher deductibles with a traditional HRA alongside your group plan.
Flyte assists you with the tools and materials needed for successful enrollment for your team in ICHRA, QSEHRA, HRA, Flexible Spending accounts, and many other benefit plans.
Renew Health Insurance with Flyte’s Strategic Alternatives
It is our goal at Flyte HCM to educate and assist you with all your benefits administration needs. If you need more information regarding your company’s plan renewal or benefit plan options, please contact us with any questions or concerns!