Whether you’re an individual seeking personal coverage or a business owner looking to provide health insurance for employees, brokers can help. Unlike agents, brokers are not captive to one insurer and can offer options from multiple carriers.
A broker can help you make sense of the insurance market by explaining plan terms, comparing quotes and understanding your unique situation. They’re in it for the long haul, providing ongoing service and support to ensure you get the best value from your policy.
A broker acts like your personal plan shopper. They patiently walk you through the details of your options and help you select a policy that works for your budget. They also can provide you with a competitive benchmarking report so that you know what other companies are offering at what price. Top insurance brokers, including Joel Lee Health Markets, will only recommend plans that fit your company and your budget well. You should also look for a brokerage that typically services businesses of your size (small to mid-sized) and specializes in health insurance rather than property and casualty or business insurance.
Insurance brokers are state-licensed professionals and work on a commission basis, so they generally don’t charge you anything extra. This means they can save you a lot of time, which can add up throughout an open enrollment period when trying to find a new insurance provider. Moreover, the broker’s commission is usually included in the premium rate, which can be an additional savings for your company.
It’s no secret that purchasing health insurance can be a costly affair. But you don’t have to go into this process blind. A good broker will provide you with several options, walk you through the process and assist you in enrolling at no extra cost.
Health insurance brokers are not affiliated with any particular provider or insurer, meaning they work for you, not the insurance company. They will help you compare quotes, find the best coverage for your budget and help you save money in the long run.
They will also help you with any issues that may arise once enrolled in your plan, like billing or eligibility issues. Most importantly, they will be your advocate and fight for you. On average, they will help their clients save 65% on medical bills annually. This is a significant amount of savings that most people aren’t aware of. In addition, most brokers will help you determine if you qualify for premium tax credits that can greatly lower the cost of your health insurance.
Get the Right Coverage
When using a broker, you get someone who understands the constantly changing health insurance marketplace. The best brokers will have various options to select the right policy for you. They will also have a team to support you and your organization throughout the year if you have policy questions or concerns.
They will walk you through the different plan types and help you understand how they differ. For example, they will explain the difference between HMO, PPO, EPO, and POS plans and help you determine the type of plan best suits your needs.
An experienced broker will have a solid understanding of the marketplace and can provide the best advice for navigating your unique situation and goals. They will also be familiar with state regulations and coverage requirements. Choosing a broker with a strong track record and extensive experience is important.
Get Personalized Service
A broker is more than a middleman; they are an ally invested in your needs. They can help you understand key pricing terms like deductible, premium, coinsurance, copay and more, and they will work with you to narrow down your options. They can also find insurance carriers that offer plans that suit your healthcare and financial needs. They can even assist you with understanding complex plan formats like HMO, PPO, EPO and POS.
Whether looking for an individual health insurance plan or a group health insurance option, working with a broker can save you time, money and headaches. Find a broker with a good reputation and a team that prizes teamwork; they should be happy to answer any questions you might have about the process or even your current plan. They should also have a strong support structure to serve you year-round, including centralized telephonic customer service and consultants to help you with claims or billing issues.