It is hard to believe, but for us in the health insurance business 2020 is almost behind us. Our health insurance agency has started working on December 2020 renewals. This means that we are just a month away from the very busy season of 2021 open enrollment.
For the small group health insurance market we are expecting moderate rate increases. This will be very dependent on the type of coverage. The rate of increase for community rated Affordable Care Act plans will be higher as healthy groups leave that platform and migrate towards less expensive self-funded ERISA plans. These plans are sometimes called “level-funded plans.” The rate changes for self-funded plans will be very dependent on the claims history of the particular employer client. Thus, rate changes for these self-funded plans can be more volatile.
As a health insurance broker in Atlanta, our job is to find the best combination of premium rates, employee benefits and doctor / hospital access for our clients. Employers who just sit back year after year and not shop their plan may be missing out on significant premium savings.
Give us a call if you are looking for a fresh set of eyes to evaluate your employee benefits plan.