Plan Management: Renewal Strategy
Hanratty & Associates continually maintains your employee benefits plan. Renewal time is especially valuable because it allows us to evaluate your plan to ensure it continues to meet your needs.
Prior to your group renewal date, Hanratty & Associates will review your claims data to identify trends, perform a detailed analysis of costs by carrier, review your plan design, assess risks, and evaluate alternative funding options.
Our ongoing affiliations with the major insurance carriers, allows us to routinely request bids from them and negotiate on your behalf. Because each carrier’s methodology in calculating renewals varies, our knowledge of all carriers gives you a distinct advantage.
You’ll receive a detailed report covering program and claim cost projections, available cost sharing alternatives, comparative regional and national information, and our recommendations based on your goals and objectives. Should a carrier change be required, Hanratty & Associates is proactively positioned to help you negotiate with a new carrier and disseminate all information to participants in a timely manner.
For our Select105™ clients, we are able to track utilization from year-to-year. This is valuable in making informed decisions regarding health plan design changes, utilization and actual claims. Medical insurance carriers typically cannot provide such detailed and specific utilization information.