Your group plan renews January 1. Start the review now.
Insights from David Harder, President · Published
Quick answer: if your small-business health plan renews January 1, start reviewing it now. We suggest about 60 days before the renewal date, which leaves time to compare carriers, adjust plan designs and give employees clear information before open enrollment closes.
When should a small business start reviewing a January 1 renewal?
About 60 days before the renewal date. For a January 1 renewal, that means late October or early November. Waiting until December leaves little room to compare options or change carriers.
What should I gather before the review?
Your renewal letter, your current plan summary, your renewal date, the number of enrolled employees and dependents, and what you currently contribute toward employee premiums.
Is my current carrier my only option?
No. Not every carrier increases by the same amount each year, so the renewal from your current carrier is a starting point, not the final answer. Comparing it against other carriers that work with small groups in Oklahoma is often worth the time.
What should I check besides the premium?
Deductibles, copays and out-of-pocket maximums, the provider network your employees use, prescription coverage, and whether the plan is fully insured, level-funded or self-insured. Knowing which type you are being quoted matters as much as the price.
What should I tell employees?
Give employees the key changes in plain language before open enrollment: premium share, deductible and copay changes, and any network changes that affect their doctors. Clear communication cuts down on surprises in January.
How Spirit Insurance Group helps
Courtney and our Tulsa group team read your renewal letter with you, compare it against other carriers that work with small and midsize Oklahoma employers, and help you roll out the plan to employees.
Educational information, not a recommendation for a particular plan. Costs and coverage vary by plan; see each plan's Evidence of Coverage.
