Renewing your business health insurance is an important opportunity to make sure your cover is still right for your business and your employees.
It can be tempting to simply accept your renewal terms and continue with the same policy for another year. However, your business may have changed since you first took out the cover, and your employees’ needs may have changed too.
Your renewal is the perfect time to look at what you’re currently paying, what your policy provides, and whether there are better options available.
So, what should businesses look for when renewing their health insurance?
1. Is your current level of cover still right for your business?
The first thing to consider is whether your existing cover still meets the needs of your business.
Your company may have grown, your workforce may have changed, or you may have introduced new employee benefits since your policy was first arranged.
It’s worth reviewing areas such as:
- The level of inpatient and day-patient cover
- Outpatient consultations and diagnostics
- Hospital lists
- Excess levels
- Cancer cover
- Mental health support
- Physiotherapy and other additional treatments
- Whether family members are included
A policy that was suitable a few years ago may not necessarily be the best option for your business today.
2. Has the size or make-up of your workforce changed?
Your employee profile can have an impact on your health insurance and the options available to you.
If you’ve taken on new employees, lost members of staff, or your workforce has changed significantly since your last renewal, it’s worth making sure your insurer has the correct information.
You should also consider whether your business wants to extend cover to family members or introduce additional benefits alongside your existing medical insurance.
The right package should reflect your business as it is now, rather than how it looked when the policy was originally arranged.
3. Look at the cost of your renewal
Naturally, cost is an important part of any renewal.
However, it’s important not to look at the premium in isolation.
A cheaper policy isn’t necessarily better if it provides less cover, has a more restricted hospital list or comes with higher excesses and limitations.
Instead, look at the overall value you’re getting for your money.
Consider:
- Your renewal premium
- Any changes to the cost compared with last year
- Your excess
- The level of cover provided
- Any changes to the policy terms
- Whether alternative providers offer better value
Reviewing these factors together gives you a much clearer picture of whether your current policy is still suitable.
4. Check whether anything has changed in your policy
Your renewal documents should explain whether there have been any changes to your policy.
Don’t assume that everything will remain exactly the same from one year to the next.
Take the time to check whether there have been changes to:
- Your level of cover
- Exclusions
- Hospital networks
- Outpatient limits
- Excesses
- Additional benefits
- Premiums or payment terms
If you’re unsure about something in your renewal documents, it’s always worth asking for clarification before making a decision.
5. Consider how your employees are using the benefit
Your renewal is also a good opportunity to think about how your employees are actually using their healthcare benefits.
Are employees making use of the policy?
Are there benefits they particularly value?
Are there areas where your team would benefit from additional support?
Employee feedback can be useful here. After all, the purpose of providing health insurance is not simply to have a policy in place. It’s to provide a benefit that supports your employees when they need it.
If your workforce isn’t making use of certain elements of your package, it may be worth reviewing whether the current structure is still the right fit.
6. Don’t automatically accept the renewal quote
One of the biggest mistakes a business can make is assuming that the renewal quote is the only option available.
Your renewal is a good time to compare the market and see what alternatives are available.
Different insurers offer different levels of cover, benefits, pricing structures and policy options. Even if you ultimately decide to stay with your existing provider, knowing what else is available can give you greater confidence that you’re getting the right deal.
This is where working with an experienced health insurance broker can make the process much easier.
7. Think about the wider employee benefits package
Private medical insurance doesn’t have to be considered in isolation.
Your renewal is a good opportunity to look at your wider employee benefits package and consider whether there are other areas that could support your team.
Depending on your business and budget, this could include:
- Health cash plans
- Group dental plans
- Employee Assistance Programmes
- Group life cover
- Health assessments
- Additional wellbeing support
A well-designed benefits package can help businesses support their employees while also strengthening recruitment and retention.
8. Start the renewal process early
Leaving your renewal until the last minute can make the process more stressful than it needs to be.
Starting early gives you time to review your existing policy, understand any changes, compare alternative options and make an informed decision.
It also gives you more time to consider what your employees and business actually need from their healthcare benefits for the year ahead.
Why use a broker for your business health insurance renewal?
Health insurance can be complicated, particularly when you’re trying to compare different providers, levels of cover and policy terms.
An experienced broker can review your existing policy, compare options across the market and help you understand whether your current cover still represents good value.
At Medical Made Easy, we work with businesses to make health insurance straightforward and easy to understand.
We can review your existing policy, look at the options available and help you find cover that’s tailored to your business and your employees. We can also support you throughout the renewal process, so you’re not left trying to navigate it alone.
Don’t just renew – review
Your annual health insurance renewal is more than just another bill to pay.
It’s an opportunity to step back and ask whether your current cover is still right for your business, your employees and your budget.
Taking the time to review your policy could help you identify unnecessary cover, gaps in your existing protection, or alternative options that may offer better value.
If your business health insurance is coming up for renewal, Medical Made Easy can help you review your options and make sure your cover continues to meet your needs.
Get in touch with Medical Made Easy today to discuss your business health insurance renewal.