How to handle the employer health insurance renewal process

Health insurance renewal time comes around faster than you might expect. Many company directors and HR people end up renewing because they haven’t got the time nor patience to consider other options.

But if you’ve received a whopping premium increase or bad service from your insurer, then it’s worth shopping around.

There’s almost always a better option out there!

In this blog post, we break down how the employer health insurance renewal process works and the free support that is available.

If you’re currently approaching a renewal and would like free impartial advice, then you can arrange a no-obligation call with one of our friendly brokers. Simply contact 01273 222805 or hello@hoorayinsurance.co.uk to get started.

What you should know about the employer health insurance renewal process

You’ll usually hear from your insurer around 6 to 8 weeks before your health insurance renewal date. That’s when they’ll send through your new premium, details of any changes, and fine print for you to read through.

The next few weeks are your window to make decisions. Around 4 to 6 weeks before the policy renews, you can:

A. Stick with what you’ve got

B. Ask to tweak benefits or terms

C. Or, shop around for something better

We’ve worked with companies who, prior to working with us, would go for option A for want of an easy life. But employing the free services offered by a broker like Hooray can give you the best of both worlds – better value and less admin.

We’ve also heard people ask: can I change health insurance company before renewal? It’s certainly possible, but you may have to pay a fee for the privilege and it can leave gaps in your cover, so the renewal window is always the recommended time to switch.

Useful tips for your next renewal

Let’s be honest, reviewing your Business Health Insurance policy is probably not a task that fills you with enthusiasm. But a considering your options once a year can save money and ensure your cover still matches what your team actually needs.

Here’s what to consider when going through the employer health insurance renewal process:

• Don’t hit auto renew just yet: Take time to review what you’re being offered. You might find a better price or service elsewhere.
• Look at what your staff are using: Are they taking advantage of mental health support, virtual GP appointments, or physio sessions? Are there any unused extras that can be removed to cut costs?
• Update your headcount: Has your team grown? Has someone left? These changes can affect your premium.
• Think about the year ahead: If you’re planning to hire, expand into new markets, or adjust your benefits, now’s the time to make sure your policy fits.
• Expect a price jump: Most premiums go up each year. These premium increases are affected by claims history, medical inflation, and changes to your team’s age profile. But these can often be negotiated, especially with a broker by your side.
• Bring in expert help: A broker like Hooray can take this job off your hands and bring you better options from across the market.

What Hooray does during the renewal process

“I would recommend Hooray to anyone wanting an easier life. Managing insurances has always been notoriously difficult in the past, with lots of complex wording and jargon, leaving you wondering whether you really have got the best deal for your employees. Hooray takes all the hassle out of the process, allowing a stress-free set up or transition to a new provider.”

Kerry Noblett, HR Director, Designer Group

The employer health insurance renewal process can feel a bit daunting if you’re trying to handle it on your own. But a good broker like Hooray can do all the hard work for you.

Here’s the steps we typically follow during this process:

Step 1: We learn about your business

We chat with you about your team, your goals, and what’s the most important when it comes to cover.

Step 2: We review your renewal offer

When your insurer sends the premium and policy terms, we go through it with a fine-tooth comb, checking the terms, considering the pricing and level of cover.

Step 3: We search the market

We talk to every major provider to see what’s out there. If someone else is offering better value, we’ll tell you about it – and give our expert verdict on the level of customer service you can expect.

Step 4: We build a report

We show you all your options, side by side, and give our honest thoughts on what works best for you.

Step 5: We help you make a decision

Once you’ve looked over everything, we talk it through and answer any questions. Whether you’re sticking with what you’ve got, switching to a new insurer, or simply just tweaking what you have, we’re right there with you.

Step 6: We handle the paperwork

Once you’ve chosen what direction you want to go in, we’ll deal with the insurers and make sure your new policy runs smoothly.

The employer health insurance renewal process benefits your business. Your team might be asking for different support, or you might be overpaying for benefits no one uses. And with new products coming to the market all the time, it’s worth comparing.

You don’t have to go it alone, and you definitely don’t need to become an insurance expert overnight. That’s our team’s job!

Need a second opinion?

Still wondering about the employer health insurance renewal process? Or just not sure whether your policy is what your company needs?

Hooray is a whole-of-market broker, which means we work with all the UK’s top providers. We’ll compare quotes, negotiate terms, and give advice that works for small businesses like yours.

Simply email hello@hoorayinsurance.co.uk or call 01273 222805 to arrange an initial no-obligation consultation.