Health insurance is a crucial benefit that provides peace of mind to your employees and their families. To make sure there's never a gap in coverage, we've implemented an automatic renewal system that takes the hassle out of yearly insurance renewals.
How the renewal works 🔄
To ensure continuous coverage, we automatically renew your employees' insurance choices on the renewal date.
What is the renewal date? 📆
The renewal date is the date after the end date of your previous choice.
Let's look at an example: if the choice ran until Dec 31 2024, it will automatically renew on Jan 1 2025.
Initial choice made on: March 1st, 2024
Coverage period: March 1st, 2024 - December 31th, 2024
Automatic renewal will start on: January 1st, 2025
New coverage period: January 1st, 2025 -December 31th, 2025
No action needed from employee' side! Your employees will receive a notification email (2 months before their renewal date as from 2025), giving them time to review their coverage. ⏰
If an employee wishes to opt out, they need to inform you no later than one month before the renewal date, as specified in the Terms & Conditions.
What you need to do 🧑🏽💻
At the start of each new coverage period, you'll need to update the insurance prices in Payflip.
What if the renewal happens before you update the prices?
Don't worry - the system will initially process renewals using the outdated prices. Payflip will automatically apply retroactive updates (after the first two weeks of the new period, and one month after to ensure correct pricing).
Need to make price changes after this window?
Simply reach out to our support team via chat. 🔵
Important notes for employees ⚠️
Your employees might need to make changes to their coverage throughout the year.
If they want to add a family member (like a newborn), they'll need to make a new choice for the coverage period.
For removing family members, employees must inform their admin to verify with the insurance provider.
Employees can opt-out by notifying their employer 1 month before renewal (as per T&C's).
Need help? Contact our support team via chat for assistance! 💬