Why should i review my benefits every couple of years?
As you probably already know, the insurance industry goes through a lot of changes in a short period of time. Not only do prices fluctuate but your benefits can too. At Red Mountain Benefits Group, we like to take a look at our client's benefit package about every 2-3 years to ensure they are getting the best value. Here are a few things we are looking for...
Many carriers offer something called a "rate guarantee" this means that when you purchase insurance through this company, they guarantee that your rates will not change for a certain period of time (usually 1-2 years), after that, you might see a price change. When RMBG reviews benefit packages we are looking to see if your rate guarantee is up and what it may look like once new rates are given by the carrier.
Changes in benefits
Sometimes carriers might change their benefits or the amount that they are paying out for certain things. We mostly see this in Major Medical plans with the rise of deductibles. For instance, one year your deductible may be $4,000, but the next year, the carrier could change it to $5,000. When RMBG reviews your benefit package we look for these changes and offer suggestions on how to overcome them accordingly.
Most companies do not start out with 100 employees. Red Mountain Benefits Groups works with small companies and big, however, our benefit suggestions may vary on company size. When we review your benefit package, we take into consideration how many employees you have. Sometimes, if a company has grown a lot, they may want to look into group products that could lower the overall cost. If a company is still small, other options are available that best suites employees needs individually.
It is easy to see how in an ever changing market, benefit solutions for you and your employees can get overwhelming, this is why Red Mountain Benefits Group is dedicated to removing these obstacles so your business can grow. Do you think your benefits need reviewing? Or want to see what else you could add to your benefit package? Contact us for an appointment.