As health and welfare benefits renewal time approaches each year, HR professionals begin to lose sleep. Even if a plan’s performance is monitored closely throughout the year, steadily rising healthcare and pharmacy costs and a number of other factors make it difficult to predict just how much the renewal rate will increase for the next plan year. The employer could be in for a scary surprise.
Renewal rates are based on how the plan has performed over the past year in relation to the premium the employer has been paying. If claims have far exceeded the premium, be prepared to see a renewal rate increase.
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