Company Benefit Selection

When are these plans effective?

Nextep Aetna medical and supplemental plans have an effective date of October 1. Open enrollment occurs August 1 - 15. If your company uses our non-Aetna medical plans, your renewal and open enrollment may run on different schedules.

We will notify you in your Elevate by Nextep™ account and mobile app as the time for your company's benefit renewal & selection approaches. To avoid open enrollment delays, please sign your company's benefit selections by the due date.

We'll then notify you and your employees by email and their accounts when open enrollment arrives, with several reminders along the way.

Regardless of the effective date for open enrollment changes, your health plan itself still runs on a calendar year. Your deductible and coinsurance, for example, will reset each January 1.

What factors into costs?

Health plan costs are influenced by multiple factors, including your group’s health conditions, demographics, location, and the broader economy.

The annual change in healthcare costs is known as “trend.” It is the sum of all cost changes across the healthcare industry. The cost to provide healthcare is always changing. Some expenses, such as surgical costs, increase because of better, and thus more expensive, medical technologies. Healthcare trends impact employers, healthcare providers, insurance companies, and policyholders, playing a significant role in your plan's costs.

We're seeing some specific circumstances impacting costs this year, causing higher increases across the board for all insurance companies nationwide. We'll provide you with a detailed explanation of current market conditions when we deliver your renewal information.

This study by PricewaterhouseCoopers also provides more insight into current conditions that could impact benefit costs.

What opportunities do I have during renewal?

Although your business's annual plan renewal & company benefit selection is heavily focused on your medical plan offering, you may review and change your company’s entire benefits portfolio, including:

• Change your employer contributions to ancillary benefits
• Add benefits your company may not be offering, such as telehealth or pet insurance
• Add benefit classes for different levels of employees

What if my company’s medical costs increase?

Price increases are an unfortunate reality for health insurance. Fortunately, our experts are on hand to walk you through your options.

Money-saving solutions may include higher-deductible plans paired with an HSA account, different plan designs, and company contribution strategies.

We’ll do everything we can to help make the numbers work for you and your people.

What happens if I don't sign my company's benefit selection documents by the deadline?

We will get in touch with you beforehand to help keep you on track and adress any questions or concerns. If your benefit renewal documents are not signed by the due date, it may delay or shorten your company's open enrollment period.

If we cannot get a response, your company’s selections will continue as is with the same or commensurate plan(s) that you currently offer.

Can I switch from voluntary supplemental plans to employer-sponsored ones?

Definitely! Voluntary plans are 100% paid by the employee. In contrast, employer-sponsored plans feature the employer paying part or all of the premium. Employer-sponsored plans are a great way to provide your employees with a richer benefits package and attract and retain high-quality employees. Plus, the costs for employer-sponsored plans are lower than those for voluntary plans.

Check out your options and costs for supplemental benefits: Employer-Sponsored Benefits Costs.