GROUP INSURANCE - WHEN IS IT TIME TO CONSIDER CHANGING CARRIERS?

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CONSIDER CHANGING THE CARRIER OF YOUR GROUP INSURANCE

  1. If you have been with a carrier more than five years. Carriers provide a “trend” increase every year, usually 10 percent. This could mean a 50-percent rate increase in five years. If you switch to another carrier, you can probably erase about 30 percent of that trend increase.
  2. If you have had workers with chronic medical conditions leave the organization. Or if you have had any members who have received major medical care and are now deceased. Your present company will be calculating those past costs into your renewal rates. Your new carrier will be looking at your group afresh and not seeing those medical issues.
  3. If you have had some younger people join your organization. Two or three couples in their twenties can lower the average age of the group. Your present carrier will not lower rates based on these new people, but new carriers will calculate their rates based on the average age at the time of quoting.