How to review your group health insurance renewal

Why your group health insurance renewal deserves a second look

Carriers price renewals to keep your business, but they also know most small employers sign without shopping. A renewal can bundle a rate increase, age changes for every employee and a quiet swap to a different plan design into one letter. Reading it closely, and comparing it with what other carriers would charge, is the cheapest money you will save all year. It also helps your position: a carrier that sees you shopping will sometimes offer an alternate plan it did not lead with. The steps below fit any carrier and any state.

90 days out: get organized

• Find your renewal date and the date your carrier needs decisions.
• Pull your current plan summaries and last year's renewal.
• Update your employee list, including dates of birth, ZIP codes and who is covered. Carriers price on this census, so errors cost money.
• Ask your team what they like and dislike about the current plan.

60 days out: read the notice closely

Carriers usually send small group renewals 60 to 90 days before the date. Look past the headline number:

• Rate change. Compare the total monthly premium, not just the percentage, and see how much comes from age changes.
• Plan changes. Carriers sometimes retire a plan and move you to a replacement with a higher deductible or different network.
• Network changes. Check that the doctors and hospitals your team uses are still in network.
• Alternate plans. Most renewals include other plans from the same carrier at different prices.

45 days out: compare the market

This is where an independent agency earns its keep. We quote the other carriers selling in your area and line them up against your renewal by premium, deductible, out-of-pocket maximum and network. Where they fit, we also price:

• A level-funded plan, which can cost less for a healthier team
• An ICHRA, which turns your cost into a fixed allowance
• A two-plan setup, so employees choose between a lower premium plan and a richer one

30 days out: decide and tell your team

• Choose the plan or plans, and set your contribution.
• Give employees a short summary of what changed and what they will pay.
• Collect elections and waivers, and submit paperwork before the carrier's deadline.
• Update payroll deductions for the first pay period of the new plan year.

Levers that lower a renewal

• Buy down the plan. A higher deductible lowers premiums. Pair it with an HSA or HRA to soften the change for employees.
• Change the contribution. Paying a flat dollar amount instead of a percentage caps your share of future increases.
• Change the network. An HMO or EPO version of your plan often costs less if your team's doctors are in it.
• Change the funding. Level-funding or an ICHRA changes how the money works, not just the price.

See what carriers are asking for this year in our 2027 rate filings guide.