Why are my premium rates increasing?
Small insurance pricing is based on age and zip code and is determined by every insurance carrier on a monthly or quarterly basis. At the time of your renewal, you and your employees are one year older, which will frequently result in premium rate increases. Insurance carriers also measure the risk portfolio of the plans they offer based for all enrolled members in a specific region. Therefore, your premiums could also be affected based on where you and your employees live. Lastly, the insurance company factors in inflation and the rising costs of medical expenses year over year.
If you are unhappy with your new rates, our customer care team can help you find an alternative plan for your renewal (either with your current carrier or another company) that best fits the needs for your company -- SimplyInsured works for you and not the insurance carrier!