As an employer, facing a high health plan renewal can be daunting. What’s worse is being informed of a double-digit increase you weren’t expecting with only weeks left in the year to define a new strategy and communicate it to your employees.

The unexpected spike in premiums can strain your budget and leave you scrambling for solutions. However, it’s important to remember that even if you’re hit with a surprising increase, it’s not too late to make a change. Switching your benefits consultant could be the key to finding a more cost-effective solution, and in our recent experience, it almost always is.

If you’ve just been given a Thanksgiving surprise, or if you think you may be about to receive one in the form of a significant increase, here’s why and how you can make the switch to BSI Corporate Benefits.

Why Consider Switching Your Broker?

1. Proactive Planning and Market Insight: We don’t love the word broker when we consider ourselves to be consultants. An effective employee benefits consultant is more than a broker. They should provide proactive planning and keep you informed about market trends well before renewal time. If your current broker has left you surprised by a high renewal, it might be a sign that they’re not as proactive as they should be.
2. Comprehensive Market Analysis: At BSI Corporate Benefits, we conduct thorough market analyses to ensure you’re getting the best possible rates. We benchmark your current plan against others in the market and negotiate aggressively with insurers to secure favorable terms.
3. Data-Driven Strategies: Utilizing data analytics, we identify cost drivers and trends in your claims data. This allows us to recommend targeted strategies to manage and reduce costs, ensuring your health plan remains sustainable. If your broker can’t back up their recommendations with data it’s a sign you’re not getting the best possible results out of the partnership.
4. Employee Engagement and Education: We believe in empowering your employees with the knowledge they need to make informed healthcare decisions. Our comprehensive education programs and wellness initiatives can help reduce claims and keep premiums in check.
5. Year-Round Support: Unlike some brokers who only engage during renewal periods, BSI Corporate Benefits offers year-round support. We provide regular updates, ongoing plan management, and are always available to address your concerns. Think of us as a direct and seamless extension of your own team.

How to Make the Switch

1. Evaluate Your Current Situation: A significant increase may have started the wheels of change in motion, but to really understand the potential need to switch, assess your current health plan and the reasons behind the high renewal. If time is of the essence, reach out to our BSI team and we can help run an evaluation for you.
2. Identify the Gaps in Service from Your Current Broker. This should be more than a features and benefits comparison. Do their values align with your own? How much is their compensation and from where is it derived? Are their misaligned incentives in their current comp? Are they proactive in delivering new ideas? Have they provided an early warning system to predict increases before they happen?
3. Research Potential Consultants: Look for consultants with a proven track record of managing health plan costs effectively. Check their credentials, client testimonials and the range of services they offer. Has the firm grown or shrunk? Have they won awards recently that point to a thriving, healthy firm that attracts the best in benefits expertise?
4. Schedule Consultations: Meet with the firms that have made your shortlist to discuss your needs and expectations. How responsive were they to your outreach? How hard was it to get on their calendar? A great consultant will come to the first meeting already having done homework on your organization and will ask questions related not just to your plan goals, but your overall strategic objectives and future organizational goals.
5. Make the Choice: Even with a compressed timeline, if the few firms you have selected to review have demonstrated that they want your business, have provided fully transparent compensation proposals and have offered thoughtful strategies to mitigate the challenge of budget-killing healthcare costs, the choice will be clear.

Why Choose BSI Corporate Benefits?
BSI is a proven leader in employee benefits consulting and recognized as one of the top benefits consulting firms in the country by industry analysts. Our team of benefits experts is dedicated to providing personalized service and creative solutions to manage your health plan costs. We understand the challenges you face and are committed to helping you navigate them with confidence.

Don’t let a high renewal catch you off guard. If you’re in a panic, contact us to learn how we can help you find a better path forward. Together, we can ensure your health plan remains a valuable asset for your business and your employees–and next year, our goal would be that you’re on the couch by Thanksgiving. No surprises here!