Why you should be ticked off about your negotiated health insurance renewal

Are you familiar with the health insurance renewal game? Let me explain how the game is played.

Broker receives initial health insurance renewal and its a whopping 20% increase.

Broker calls carrier and tells them it's unacceptable. Carrier tells them I have 3% in my pocket I can apply. Broker says that's not enough.

Broker calls management at carrier. Boom...another 3% off the renewal. Now we are at 14%, but not done yet.

Broker got competing quote that's at 8% and informs incumbent carrier you are terminating coverage unless they match it.

The magic wand is waved and carrier agrees to the 8%...and now the final card is played.

The incumbent carrier will give another 3% if you move the Dental, Vision and Life and Disability to them.

Calling once, calling twice, SOLD with a final renewal at 5%!

By now you might be thinking, what's the catch because that sounds awesome. My broker negotiated 15% off the renewal! That's $150,000! Why wouldn't I be happy about that!?!

Or you might be thinking, our renewals have been really competitive over the last few years so I don't even know why I read this far.

Watch the video below, and I'll explain why you should be upset about both of these scenarios.