At One World Cover we have traditionally called the period leading up to the holiday season “KNOWvember”, owing to the fact that now is a critical time for those planning for a successful health insurance renewal in the new year. At this time of year our consultants are singularly focused on ensuing our clients are in the know (hence KNOWvember) when it comes to how their health insurance plan is running. It’s a key part of how we help our clients achieve predictable and sustainable renewal pricing every year.
Particularly for those groups with a summer 2024 renewal, December is the time when you should have enough data from your existing policy year (that renewed in summer 2023) to start getting a clearer picture of whether your 2024 renewal is going to be an easy one – which we define as lower than medical inflation trend or low single digit increases – or whether you will need to start the process of looking at how you can reduce your group medical insurance spend to ensure your increase is not much higher than budgeted.
Throughout 2023 we have published a number of articles which will help those that are already thinking about their 2024 renewal:
Read them here:
- Your health insurer is not doing enough to manage your healthcare spend
- Take control of your faculty health insurance
- Get your health insurance claim data or fire your insurer now!
- 3 steps to drastically reduce your group health insurance premiums without changing insurers
- Soaring post covid healthcare costs and healthcare utilization equals soaring faculty health insurance premiums
Looking to 2024
On the topic of medical inflation, we’re already starting to gather a picture of what rate is expected in 2024 and while the trend is down a bit on 2023, it’s still generally expected that the next 3 years are going to continue to see double-digit medical inflation trend. Unless your company can afford 10+% increases on your medical insurance, now is the time to start the process of building a three-year strategy for your health insurance to ensure that you always stay ahead of the medical inflation trend. One World Cover will be publishing our annual medical inflation trend report in January, which will also include our latest advice and ideas on the hot medical insurance innovations and trends that you should know about and taking advantage of to ensure you are getting predictable and sustainable health insurance renewals every time.
In the meantime, wishing you all a Happy Holidays and all the best for a fantastic 2023.
