The WIFS Team has been preparing for the release of group health insurance policy renewals rates over the past year. Since the passage of the Affordable Care Act, we have gained a lot of experience guiding our clients through the changing employee benefits landscape. Our clients look to us for expertise in managing the challenges presented by large rate increases. It is during these times of upheaval that they are fortunate to have an experienced insurance broker on their side.
There are options:
1) Stay with your current plan. The benefit of accepting the rate increase with no changes to your plan is that your policy is not subject to community rating* for 2015. If you have a healthy workforce, staying out of the general pool will most likely save you money. Altering the percentages paid by employees can help your company’s bottom line manage the rate increases.
2) Partner with a PEO. Professional Employer Organizations offer access to employee benefits programs similar to large companies, providing you with protection from large jumps in premiums as well as a wide variety of plans. WIFS is the Indiana Broker of Record for Indianapolis-based Worksmart Systems, placing us in a unique position to offer you this creative solution.
3) Access an Association Program. Many industry associations offer private group health insurance plans. Locally, the Builder’s Association of Greater Indianapolis (BAGI) has partnered with the WIFS Team to offer a cost-effective, fully-insured insurance plan. Members in good standing may take advantage of the benefits of this plan, such as staying out of the community-based rating model.
4) Drop your employee health insurance benefits. In some rare cases employers are facing such large jumps in their health insurance premiums that they are eliminating their plans altogether. In this case, we can help create a plan to supplement the employees’ costs for individual plans on the federal exchange.
The days of price shopping for insurance brokers are gone. Today, you need a broker with solutions. The WIFS Team works with clients every day to find creative solutions for their group health insurance issues. We can help you too. Send us an email, or give us a call at 317.663.4138 for more information.
*Community rating refers to the manner in which health risks are managed. In this model, the lower costs of covering healthy employees are balanced by the higher costs of covering unhealthy employees. The risks associated with each are leveled over the entire coverage base, and charged to all.