Claims Experience and Plan Demographics
Changes in headcount, ages, family coverage or insured earnings can affect costs. Compare the same employee census when assessing a rate increase. Otherwise, a higher total premium may partly reflect more people or more coverage rather than a change in the underlying rate.
Medical and Dental Cost Trends
Providers may adjust assumptions about the cost and use of covered services. Ask which assumptions changed and how they relate to your benefits. A generic reference to inflation is not the same as a component-by-component explanation of the proposed renewal.
Pooling, Credibility and Insurer Assumptions
The rating method determines how much your claims influence the result and how pooling applies. Review credibility, large-claim treatment and other relevant terms with the advisor. A high claim may be treated differently from many routine claims, depending on the arrangement.
Plan Changes That Can Affect Renewal Costs
New benefits, higher maximums or changes to contribution arrangements can affect the employer's expense. Review those separately from insurer pricing. An increase in what the employer pays may occur even if the total plan cost remains similar but employees contribute less.
How to Read Your Renewal Report
Compare current and proposed rates, membership assumptions, benefit changes and the provider's rationale. Ask which components drive the increase. Record unresolved questions and request equivalent alternatives if appropriate. Protect employee privacy when reviewing aggregate claims information.
When to Request an Independent Review
An independent review can test the proposal and explain available trade-offs. GroupBenefitPlans.ca can connect you with a licensed advisor to begin that discussion. No review guarantees savings, and any cheaper alternative should be assessed for coverage and service differences.
GroupBenefitPlans.ca is a referral and information service. Advice and coverage are provided by the licensed professional and relevant providers. An enquiry does not activate insurance.