The benefits market survey has almost become a tradition: every couple of years your broker “takes your plan to market,” supposedly to see if something better is available.
Here’s what actually happens
Your current plan gets passed around to the same few mega-insurance companies, and one of them has sales targets to make that month so they decide to discount your rate – until the first renewal, when reality hits.
And then, after a couple of years of big increases to make up that “discount”, your plan “goes to market” again, and the cycle repeats itself.
It Gets Worse
But even worse is that it is your current plan that goes out to market. In the meantime:
- Your business has changed
- Your claims experience has changed
- Your financial reality has changed
- Your employees have changed
- New benefits plan services have become available
And yet your plan has stayed the same, even after “going to market”! That’s because the benefits market survey game works to the insurers advantage, not to yours.
PLUG & PLAY BENEFITS BEATS A MARKET SURVEY EVERY TIME
Instead, build a plan with plug-and-play possibilities: you decide what you need at each renewal, and your plan gets optimized as your needs change.
At GroupHEALTH, we’re known for creating unique, configurable employee health benefits plans that break the traditional mold. Take 10 minutes to talk to an expert and see how looking beyond the cookie cutter can save you money, while providing your employees with a great plan.