High claims indicate high utilization of the policy by employees. This actually indicates that the purpose with which you bought the policy is getting served well. It is natural that if a certain group claims more than others, it will also have to bear a higher share of the burden of premium. Despite an increase, group health insurance premium provides excellent value for employers and employees.
Even if your previous claims have driven up your renewal premium, group medical coverage can still provide benefits that may outweigh the cost. Group health insurance can offer lower rates than individual policies because the group negotiates rates with the insurance company, and the risk is spread among a larger pool of people. Additionally, group health insurance may provide access to a wider network of providers, and may offer additional benefits such as wellness programs and preventative care. Furthermore, group health insurance for employees is often a requirement for many employers and it can be more affordable than individual coverage. It’s also important to note that under the Affordable Care Act (ACA), health insurance companies can no longer discriminate against individuals with pre-existing conditions, which means that you cannot be denied coverage or charged more due to your previous claims.
You could get in touch with our representative to see how we could reduce the impact of claims on your renewal premium. One effective way of locking-in premium is to sign-up for multiple years together.
