Andy Neary outlines three signs you're managing health insurance reactively instead of proactively. Proactive employers plan the next renewal months early, look to improve coverage rather than just cut costs, and actively hunt for savings instead of accepting a budgeted increase.
Questions this video answers
Thursday, July 25th.
8% increase.
Chapters
Hey there, Andy Neary here with the Olson Group. And welcome back to Striking out the Status Quo, where it's my mission to help employers build better health plans for less money. All right, it's Thursday, July 25th. We're a little over five months away from the end of the year and most likely a little over five months away from your next health insurance renewal. So is this the year you're going to be proactive about attacking your insurance costs? Are you going to continue being reactive and how do you tell the difference? Well, there's three key areas I think separate the proactive and businesses from the reactive businesses. Number one, if you're proactive, you're already working the 2020 game plan right now. You already have the renewal strategy in place. Well, before you get your renewal numbers reactive, you're gonna wait until October to actually get the renewal to figure out what you're gonna do. And FYI, brokers and insurance companies like to hold onto your renewal as long as they can to give you as little time possible to make a decision. Number two, if you're proactive, you're looking for ways to improve the health insurance coverage for your employees. Right now, if you're reactive, you're already thinking about some of the out of pocket and deductible increases you might have to pass along or how much money or more money you're gonna have to ask employees to pay and contribute to the plan. Number three, if you're proactive, you're trying to figure out how you're gonna actually reduce your health insurance costs next year. If you're reactive, you've already told your broker that you're budgeting for an 8% increase now, making his or her job extremely easy. So what are you? Are you proactive or are you reactive? Because the choice is yours and you're gonna be in one of two places next year. You're either gonna be looking up, frustrated about again facing another insurance increase, or you're gonna be looking back and celebrating the amazing things you've done with your health plan. So I hope you choose to be proactive and I hope you choose to attack your insurance costs by building better health plans. Until next time, bear down, focus on the target and strike out the status quo.
