By James Farley – President at J.P. Farley Corporation | TPA
MOST fully insured plans receive double-digit increases even when the insurance company makes a significant profit from it. AND they’ll “competently” explain to you why you should be grateful for those double-digits, too!
For years, insurance companies have led you to believe that a fully insured health plan is worry-free. Just pay your premiums, and you’re all set: no more headaches, no more risk. But nothing could be further from the truth.
Behind the scenes, insurance carriers are playing a different game with your money. Even in years when they make huge profits from your business, they use QUESTIONABLE calculations to justify raising your rates.
They inflate your past claims data. They invent trend factors that predict imaginary losses for the future. What should be a standard cost-of-living adjustment somehow becomes an outsized, double-digit increase for your company.
In this video, I tried to explain how it works. You can’t afford to accept your renewal at face value. You need to know what to watch out for, and how to safeguard your company’s resources.
To help, we’re hosting a live session where we’ll walk through the Plan Renewal Checklist for Fully Insured Plans. This checklist is an essential tool for your business.
And because this is so important, we’re not just sending a digital download. EVERYONE who registers will receive a physical copy of the checklist, shipped right to your office.
Sign up at the link below. Please use your corporate email address and provide your office location so we can mail your guide directly to your desk.
Linkedin event >> HERE Zoom event >> HERE
“They invent trend factors that predict imaginary losses for the future.” The best fun you can ever have is to ask and receive the carrier’s renewal analysis. The most extreme example was the City of Pharr who was getting a 100% rate increase from Blue Cross. The city went to bids and received none. We were asked to help. All we did was study the BCBS renewal analysis, found flaws and determined a renewal pass was justified. And BCBS did just that. A 100% increase down to a pass.
