Q&A: Benefits Renewal Talks with Eric Gulko

Innovo Benefits Group President Eric Gulko shares valuable insights into the benefits renewal process for employers, offering practical advice on how to strategically approach renewal planning well before receiving the actual renewal numbers. In this Q&A, Eric discusses innovative cost-controlling strategies for small and midsize employers, explores nontraditional benefits gaining traction in 2025, and highlights how Innovo differentiates itself through comprehensive service offerings and independent brokerage practices.

1. Why is it important to start talking about the 2025 renewal before I receive the actual renewal numbers?

We all know that the renewal process can be a time-sensitive process, with a lot of pressure to analyze options and make decisions quickly to meet deadlines. So naturally, given this time pressure, we tend to limit ourselves to ideas that can be achieved more easily.

Thus, to make strategic decisions in a thoughtful, well-considered manner, it is very helpful to begin analyzing the benefit plans and innovative options well before receiving any renewal numbers.

Even without renewal numbers, you can still complete much of the information gathering and analysis that goes with the process. Once those renewal numbers do arrive, you will be able to react both quickly and strategically, having already game-planned for the process weeks or even months earlier.    

2. Are there any newer ideas that small and midsize employers are examining to control healthcare costs?

Yes, there are several innovative ideas that this segment is exploring. One is self-funding for smaller groups. This can take the form of level-funding, which basically allows for a small group to pay “premiums,” as they are accustomed to, but also to be eligible to share in some savings if claims end up lower than projected. Another advanced form of self-funding for the small and mid-market segment is to be able to join with other employers through a group captive and share in risk and plan management together.   

Even without self-funding, some groups are focused on driving down claims costs through innovative plan designs that incentivize employees to choose lower-cost providers. Some employers with very poor ongoing claims experience are even considering the newer ICHRA model, where the employer terminates the group insurance plan and replaces it with pre-tax dollars going towards individual coverage for employees in their states of residence.  That is a major model change, but one that has the potential for large savings

3. What are some interesting nontraditional benefits that employers are considering offering in 2025?

As employers continue to grapple with increasing healthcare costs and other general economic headwinds, we are seeing more employers consider offering voluntary benefits that help round out the benefits package. Examples of these voluntary benefits include pet insurance, identity theft protection plans, group legal plans, and other nontraditional benefits.  

Employers are also increasingly looking at their own executive team and realizing that various caps in their disability plans are unacceptable. They are looking to use supplemental programs to close those gaps where they can.  

4. What should employers be doing now in preparation for the open enrollment season?

Game planning for renewal should start well before renewal numbers come out. In addition, it is important to outline a timeline for open enrollment, especially as it relates to technology.   Often, employers get squeezed by deadlines to get benefits administration systems updated, so it is important to understand ben admin system deadlines in advance.  

5. How does Innovo do things differently for clients?

There are many excellent benefits brokers out there. I would say our difference is that we simply do more.   

We evaluate more design and funding options, we work independently with more carriers, and we offer more fractional HR support, in-house compliance support, and HRIS support on your system of choice. We also pride ourselves on timely education, helping our clients strategize well ahead of renewal time.

But don’t take it from us. Just search for “Innovo Benefits Group” and see how companies rate and review us online!  

6. Does Innovo only work with certain carriers?

Innovo is an independent broker and works with all the carriers in the marketplace. We do not limit ourselves to “carrier panels” in a pay-to-play model; we level out commissions across carriers, and we track and donate much if not all of our bonus dollars to charity to maintain our unbiased approach. We are very, very unique in our complete independence.    

7. Is there a fee for working with Innovo?

We are typically paid by the insurance carriers, with no billables to our clients. The exception to this applies to some of our fractional HR support and a couple of our software tools, where we charge clients a modest fee if they are interested in those services.  

8. Who can employers contact if they’d like to inquire about Innovo?

Please feel free to reach out to info@innovobenefits.com and expect a very prompt reply.