It's that dreaded time of year again...the annual health insurance renewal process for our small business. We received a renewal summary in the mail this week. Anyone want to guess whether the renewal premium amount would be higher, lower, or the same? Well that was a good guess but no it wasn't lower or the same, "surprisingly" it was higher (I know, right). How much higher? Glad you asked that too...it equates to a 27.05% increase for the same coverage we have currently.
How in the heck can a small business afford such a premium increase? I made a few calls to get quotes for other options and was actually surprised to find most would actually be higher. I even checked the "market place" (or whatever it's called) but it was higher as well as none of the employees qualified for any subsidy or assistance. We've always either just renewed or tweaked the plan options to keep the premiums at a reasonable level but this is just getting ridiculous.
Does anyone have any information on alternative group policies or expertise in this area. If so please share or send me a PM. I know we've recently hit on this topic but I can't find the threads(s) easily so I apologize for the duplicate subject.
Much appreciated.
How in the heck can a small business afford such a premium increase? I made a few calls to get quotes for other options and was actually surprised to find most would actually be higher. I even checked the "market place" (or whatever it's called) but it was higher as well as none of the employees qualified for any subsidy or assistance. We've always either just renewed or tweaked the plan options to keep the premiums at a reasonable level but this is just getting ridiculous.
Does anyone have any information on alternative group policies or expertise in this area. If so please share or send me a PM. I know we've recently hit on this topic but I can't find the threads(s) easily so I apologize for the duplicate subject.
Much appreciated.