How involved is your health insurance broker when it comes to shopping for your insurance benefits? All too often, it comes to our attention that many companies have their current policies renewed before looking at all their options.
Why does this happen?
One of two things: either the policy meets your employees’ needs and is within budget, or your insurance broker didn’t request quotes to compare to your current policy to show you what is available in the market. Your broker should shop the market annually to find the most competitive rates and benefits that meet your employees’ needs. Your broker should shop the market annually to ensure your carrier and benefit plan are the most competitive. It is too expensive not to know if you make the right choice for yourself or your entire team.
Why is it Important to Shop Your Benefits Yearly?
According to the 24th annual survey by KFF, “Annual premiums for employer-sponsored family health coverage reached $22,463 this year (2022), with workers on average paying $6,106 toward the cost of their coverage. The average deductible among covered workers in a plan with a general annual deductible is $1,763 for single coverage. Workers at smaller firms, on average, contribute nearly $2,000 more toward the cost of family coverage than workers at larger firms. They also face general annual deductibles that are $1,000 higher on average.” (auiinfo.com)
What Should Your Health Insurance Broker Do During Renewal Time?
Insurance brokers in Ohio, like in other states, typically follow a specific process to shop for benefits on behalf of their clients. Here are some things to look for as the policyholder. If your health insurance broker is not conducting a client assessment, requesting quotes from different policies, and completing a plan comparison, it may be time to switch brokers and find a company that works for you.
What Makes AUI Different?
At AUI, we will shop your benefits at renewal time. Our team is an extension of your team, and no matter what time of year it is, we are here to help you understand your benefits and get the most out of your health insurance policies. Throughout this process, our AUI brokers are with you to answer your questions, compare plans, and help with cost analysis.
Today, health insurance is not a small investment, and knowing you made the right choice for your team is imperative. Renewal season is right around the corner; how can we help you find the right policy for you or your small business?
Our Team at AUI will be with you every step of the way. Contact us today to get started!