We got absolutely raked over the coals this year, after a pretty tough fight the year prior as well, and I don’t know what to do anymore. With brokers taking so long on negotiations that we don’t even have proper time to assess any other options than group funding, I’m trying to get ahead of it and see where everyone is trending.
We’re an ALE, 150-200 EEs, with about 70% enrollment and decreasing as costs rise. We had a projected 60% increase that came down to 30% with our big box insurance provider essentially giving us the middle finger of “go ahead, take it out to market, I f@&king dare you” so… we can’t afford, and our employees can’t afford, another hike like that.
There weren’t even too high of claims (that they would release to us), just a few surgeries (one major) and managed health conditions with GLP-1s. Our deductibles and copays are already way higher than most and we consistently get complaints about them in addition to the premium costs.
I’m not unopposed to staying with group, it would sure be easier, but they make the ICHRAs, self-funding, and captive options sound so appealing on paper comparatively. We just have no experience with them and our brokers never give us proper time to evaluate.
We need long-term stability, we CANNOT absorb this again. So, what is everyone’s plan of attack for your next benefit renewal?