As a decision-maker responsible for your company’s health insurance, you know that timing is crucial. Typically, you might receive your renewal just 60-90 days before your plan’s renewal date. But what if you could get that information six months in advance?
Recently, one of our clients, a company in DFW with 300 employees on their health plan, received their renewal a full six months ahead of schedule. This early renewal wasn’t a fluke—it was the result of strategic planning and strong relationships.
Why Early Renewals Matter
- Time for Thorough Analysis: With six months’ notice, you have ample time to dissect the renewal offer, understand any changes, and evaluate its impact on your business and employees.
- Opportunity for Negotiation: An early renewal gives you leverage. You’re not rushed, which means you can negotiate from a position of strength.
- Exploration of Alternatives: If the renewal terms aren’t favorable, you have time to explore other options, including different carriers or funding models.
- Employee Communication: With more lead time, you can develop a comprehensive communication strategy to inform your employees about any changes well in advance.
- Budget Planning: Early renewals allow you to incorporate accurate health insurance costs into your annual budget planning.
How to Secure an Early Renewal
Insurance carriers are more likely to provide early renewals to long-standing, stable clients. Our DFW client had been with their carrier for several years, demonstrating reliability and consistency.
At DSG Benefits, we consistently advocate for our clients to receive renewals as early as possible. But securing an early renewal involves more than just asking nicely. It requires consistent effort and relationship-building throughout the year. While you may not see this work directly, it’s what creates the conditions that make early renewals possible.
Leveraging Early Renewals for Better Outcomes
An early renewal is a tool—how you use it determines its value. With the right approach, it can lead to better benefits, cost savings, and a more strategic approach to your employee health insurance program.
In today’s competitive business environment, every advantage counts. By pushing for early renewals and working with a broker who prioritizes this approach, you’re not just managing your health insurance—you’re transforming it into a strategic asset for your business.