Group benefits renewals · Toronto & Ontario
Your benefits renewal shouldn't be a surprise you face alone.
A rate increase can leave you choosing between a higher bill, reduced coverage and uncertain options. Before you decide, understand what changed and what choices you still have.
- 01 Choose the plan
- 02 Employees use coverage
- 03 Review claims and costs
- 04 Make the next renewal decision
Two situations. Two different conversations.
If your renewal is still months away, there is time to plan the conversation. If the new rates have already arrived, the review can start now.
Renewal coming up
Plan ahead of the notice.
Tell us the month your plan renews and a work email. We use it to plan a conversation before the decision becomes urgent.
New rates in hand
Review the renewal before you accept it.
Share the notice and the situation. We'll look at what changed, why, and the options still open to you before you decide.
Review my renewal nowA renewal is the insurer's updated view of your group. Several things feed into it.
Pricing rarely changes for a single reason. Understanding which of these drove your renewal tells you which responses are realistic, and which only move the problem to next year.
- 01
Claims experience
What the group claimed over the period, and how the insurer expects that pattern to continue.
- 02
Insurer assumptions
Trend factors for drug and dental inflation, pooling charges and the carrier’s own pricing position.
- 03
Group changes
Shifts in headcount, age, dependants or salaries change the risk the insurer is pricing.
- 04
Plan design
Deductibles, maximums and cost-sharing set at the start determine how much of any claim the plan absorbs.
- 05
Funding structure
Pooled benefits behave differently from experience-rated ones. Which is which decides where claims show up in the price.
The quickest-looking fix
- Compare premiums.
- Choose the lower number.
- Hope it lasts.
A lower quote can solve this year's budget problem while changing coverage, funding or underwriting in ways that surface next year.
A more considered approach
- Understand what drove the change.
- Question the assumptions.
- Compare the options that fit.
- Plan for the renewal after this one.
This is the sequence our renewal review follows.
Start with the facts behind the increase.
Four stages, in order. Nothing is requested from your insurer or changed in your plan without your authorization.
- 01
Share the situation.
Tell us when you renew and what concerns you most.
- 02
Review the current plan.
Where appropriate, we examine the renewal notice, plan structure and relevant documents you authorize us to see.
- 03
Consider the options.
We discuss the trade-offs among carrier, coverage, design and cost options available to you.
- 04
Decide with context.
You choose the path that fits your business, with a clearer understanding of the implications.
Common questions about renewals.
How early should I speak to an advisor?
Before the renewal decision is urgent, where possible. The time available to make changes depends on your carrier and plan; a few months ahead is usually workable.
Can an increase be eliminated?
Not necessarily. A review can help you understand whether the proposed renewal and the alternatives make sense. Future rates remain subject to the plan, the insurer and your group’s experience.
Do we have to switch insurers to change advisors?
Not always. Depending on your arrangement and the carrier’s rules, there may be an advisor-change process that does not require replacing the plan. See Changing Your Advisor for what that involves.