Thinking about changing to a January 1st Renewal Date?

It may be a good idea to look at changing your health plan so that you have a renewal date of January 1st. But will it really work for your group?

The Good and Bad

The good- Your plan year and calendar year will be the same! This is especially important if your group is currently on an HSA eligible High-Deductible Health Plan (HDHP).

Since your health plan’s deductible starts over on January 1st, it may work best for you to have your plan renew then too! We have had many groups that took large rate increases but stayed on the current plan. The Employer did this since it was already into the calendar year and some employees had met part or all of their deductibles. Changing to a January 1st renewal date makes it easier to change plans without having to worry about those that have already met their deductible!

The bad- You will take any rate increases on January 1st, instead of at your renewal. (For example, if your renewal is June 1st and you change your plan on January 1st; your rates change six months into your plan year. For then on, you will renew on January 1st of each year.)

If you are interested in changing your plan January 1st, or even interested at comparing the rates to your current plan, please call our office at (916) 781-3321 or send an email to Katie at katie@mcgrewmaher.com.

*Please note that we do not have January 1st rates yet. We expect to have them in the next 2-3 weeks. You can call or email to let us know that you would like to sit down and explore this option with us once we receive the rates.