We’ve all heard that the rising price of healthcare is forcing health insurance premiums higher. And for the business owner, this upward trend in a large overhead cost can cause quite an accounting nightmare! If your group health insurance premiums increase this December, you might feel forced to make the kind of difficult decisions that no business owner really wants to contemplate.
Luckily, there might be a little loophole in health insurance rules that could save you some money. But you have to investigate your options quickly, and opt in to this solution within the next few weeks.
Currently, about two thirds of California group health insurance plans renew are set to renew on December 1. But with most of their business falling into the holiday season, health insurance carriers struggle each fall to keep up with the demand for their services. Imagine if most of your business occurred during one month of the year!
To address this difficult situation, many health insurance companies have concocted a creative solution. Many providers have decided to allow business owners to confirm their renewals by either August 1 or September 1 (depending upon the provider and your plan). Doing this will help your health insurance company to spread their workload across more of the year, but there’s also an important benefit in it for you. In exchange for renewing your group health insurance policy at an earlier date, you might be allowed to lock in a lower premium.
This sounds like a great deal, so what’s the catch? Well, there really isn’t one, except for the fact that this option isn’t provided by all insurance companies. But since early renewal has become a popular strategy for insurance companies, watch for a notice from your provider. Or, you can call us, and you can breath a sigh of relief knowing your rates will remain steady. Plus, it will be one less task to tackle at the end of the year!