While FSAs are still one of the most popular benefits offered by employers, having to exhaust the funds in these accounts at the end of every plan year to avoid losing them continues to be a big deterrent.
Health insurance has been my life for the past 35 years and in insurance, like life, we have choices. For example, I may be fat, but you might be ugly, and I can always choose to diet. Therefore, when my health insurance agent presented an “ugly” group health insurance renewal with more than a 20% increase, I knew that I would have choices. First, he is a very good agent and he understands that I take the responsibility of providing insurance to my staff seriously. Secondly, I have made it clear to him that I expect that his renewal package will not only include the incumbent’s renewal package, but that he will also provide alternative carrier quotes. Finally, he knows that in order to continue to earn the privilege of handling my small account, he will have to earn his commissions, which are substantial and equal to 5% of the total premium. Yes, it is a privilege and if your agent does not act like it, find a new one!