Our renewal plan is 77% more than it was last year. Our broker got us seven other viable plans (30 other insurers just denied us) and the lowest is 50%.
Our best option here is to take a 61% renewal increase. We cannot afford this long term. Our employees cannot afford this at all. I'm not sure what we can do. I'm hoping to find a solution to this by next open enrollment.
Our claim usage was absurd, our insurer ended up paying out much more than we paid them. We had several insured claimants well past 400k...
Wish me luck, as I need to be in this benefits meeting this upcoming week. I just took on a leadership role in February and I'm in the frying pan already!
The good news is I love my company and my team is very supportive. We will get through this.