HPS Brokers Blog

Are you stuck in a stressful health insurance renewal cycle? HPS can help.

Health insurance renewal cycle

Renewal season can be a stressful time for brokers, particularly when dealing with smaller Fully Insured renewals. You spend a lot of time and effort preparing for renewals, and in the end, your clients likely are seeing an increase to their premiums that you can’t negotiate down to a budget friendly level. To implement big changes, brokers and employers have to start the process well before the standard 60 days prior to the plan effective date when renewals are released, or else their new plan won’t be ready in time.

Are you sick of being stuck in this cycle?

If you want to impress clients this renewal season—and avoid the stress of last-minute changes—then conversations need to begin early. HPS can help you deliver better quality and more cost savings for your clients.

 

Start the Self-Funding Conversation Early

If your clients are looking for ways to control costs and customize their health benefits offering, they may be a strong candidate for self-funded health insurance

It’s important to note that self-funding isn’t a fit for every company, and it will require some work on the front end to implement. However, this work on the front-end pays off in enormous customer satisfaction (see more below).

As you start talking to clients about renewals, take  these questions to your client meeting to determine if self-funding is right for your client. 

If your clients are already interested in self-funding or are currently self-funding, present HPS as an option for their health benefits. 

Here's how to bring HPS to your next renewal meeting.

 

Find the Right Benefits Partner

For self-funding to be successful, your client also needs to assemble a team of the right partners. HPS is the leading independent self-funded insurance network in Wisconsin, so we have your clients covered.  

Brokers and employers have high levels of satisfaction with HPS because we deliver a plan that is:

  • Flexible: We can work with many vendors and collaborate with them on any employer benefit initiative.
  • Customized: We’re able to tailor the HPS offering to each client to make sure the right providers and services are being utilized in their local area.
  • Efficient: We offer the employer easy setup, a simplified and transparent user experience for employees and cost-effective network contracts for the plan.

Because of our experience in the industry, we can also recommend other quality partners to help your client build a high-quality team, including third-party administrators (TPAs), stop-loss insurance carriers and pharmacy benefit managers. Your client will need to select one of each to build comprehensive coverage.

 

Deliver Increased Customer Satisfaction

Our members—your client’s employees and their families—love HPS because it makes their healthcare experience easier. 

Members love our broad independent provider network and simplified approach to billing and payments; 91% of members say HPS’ SuperEOB helps them understand what they owe. Additionally, once HPS is in place, we have a Net Promoter Score of 75, compared to the industry average of 15–20. 

HPS is not just a cost-saving measure for employers, it’s a quality of life improvement for their employees and their families. Bonus: better client satisfaction leads to easier renewals for you year over year!

Self-Funding Made Easy