AMA: Annual Health Plan Renewals
In this 30-minute “ask me anything” open forum, Tariq Hilaly, Lumity CEO, sheds light on a very opaque and frustrating process: the annual health plan renewal. If you feel like your company is flying blind, you’re not alone.
During the forum, employers cited little, or zero visibility into this operational expense as their top complaint.
Tariq answered the top three employer questions:
- How do I know if my rates are fair?
- Is there anything I can do about a bad renewal? (one employer had a 30% increase)
- How much negotiating power does my broker have?
He also revealed little-known carrier secrets about the game theory behind renewals. If you have questions about your specific plan renewal, contact Lumity for a complimentary plan renewal analysis. We’ll quickly benchmark your situation. If you’re in good shape, we’ll tell you. And, if you’re paying too much, we’ll tell you that, too.
About Tariq Hilaly
As a co-founder of an early fintech company, Motif Investing, Tariq experienced the frustration of flying blind into health plan renewals. Providing employee health coverage was Motif’s second largest operational expense, but he had no way of knowing what to expect. Then, when Tariq’s wife became seriously ill, he experienced the difficulty of navigating health care and health insurance from the employee side. Adding stress to an already stressful situation, his health plan didn’t provide the coverage he thought it did. Tariq channeled his frustration as an employer and a consumer into founding Lumity. Lumity’s mission is to deliver a modern, ROI-driven benefits experience for both employers and employees.