Renewals are an important time for plan sponsors to reflect on their past experience, review their new renewal package and discuss ways to maximize the return on their benefits investment with their advisors. To ensure we meet our commitment to deliver renewals with at least a 45 days notice, groups that normally renew on April 1st will now renew on May 1st.
How this impacts plan sponsors
- Plan sponsors with April 1st renewals will continue to enjoy the same benefits coverage and premiums throughout the month of April until May 1st
- Renewals will be based on your group’s claims experience for the same calendar year
- You will have more time to review your renewal package and shop the market
How this impacts advisors
- More time to shop the market for your clients
- More time to provide opportunities to educate groups on new benefits and work on plan amendments
- Avoid managing renewals during the March break time crunch
- Clients will now have more time to review alternate quotes
If you have further questions about how this renewal date change will impact you, feel free to reach out to your plan advisor or reach out to us at firstname.lastname@example.org.