Healthcare is one thing you never want to skimp on. Insurance provides incentives for existing employees to continue working hard and attracts new employees in search of a competitive benefits package. Just as important as the insurance itself is where you get it. If you have been researching health insurance, you have probably come across both agents and brokers. The main difference between an insurance agent and an insurance broker is that the latter does not work for an insurance company.
Learn exactly what a health insurance broker can do for you and why you should hire one.
What Is An Insurance Broker?
More than just a professional that provides insurance options, an insurance broker acts as an advisor and specialist in health insurance and risk management. Instead of representing an insurance company, a broker acts on the behalf of their clients and the client’s best interests.
When you seek the assistance of a broker, he or she will help you identify your business risks and help you choose benefits that might help lower these risks. Some insurance brokers are generalists, while others may provide a specific type of insurance, such as health insurance.
If you are new to the world of health insurance plans for businesses, you may be looking for guidance. You do not want to rely on just anyone when it comes to choosing the best benefits for your employees. That is where a health insurance broker comes into play. A broker can make specific recommendations on which type of plan you should enroll in based on a number of factors, such as your budget and the number of employees you have. Brokers are fully licensed and have the training and experience needed to provide expert advice to ensure that you are making an informed decision.
What Does an Insurance Broker Do?
You already know that an insurance broker provides clients with insurance, but is there more to it? These benefits professionals can actually help you through every step of the health insurance enrollment process. The broker will begin by researching the best options for your individual business, followed by setting up and helping you best manage your healthcare plan. Along the way, a broker will educate and advise you on your insurance choices to help lower your risk and ensure that the insurance provides all of the features you are looking for.
Anyone can sell health insurance, but a broker does much more than read off a list of plans and numbers from a computer screen. A reputable broker will possess an in-depth understanding of the various insurance plans available to you and will know which best align with your financial and operational criteria.
The discussion between you and your broker should include talk of numerous options, such as HMOs, PPOs, and POS plans. A health insurance broker should also consider your unique coverage needs, as not all plans are suitable for everyone.
Health insurance brokers make it easy to compare the various types of plans. Prior to enrollment, the broker should offer a side-by-side comparison table that shows the differences between each type of health insurance. For example, you may want to see the difference between HMO and PPO co-pays for various services. Your broker can also provide educational materials for employees which may include benefits summaries or plan documents.
This can help lessen your workload, allowing you more time to focus on your daily operations. Also important, a health insurance broker will make sure that your plans are in full compliance with state and federal laws.
Why Do You Need an Insurance Broker?
You may be wondering why you need an insurance broker when you could just research the plans yourself. Most skilled businesspeople can tell you the benefits of working alongside an insurance broker versus doing it yourself. Insurance brokers deal with a wide range of insurance companies on a daily basis. Not only do they know the ins and outs of these plans, but they may also have access to policies that are not available to most consumers. You are also more likely to get a good deal when going through a broker than going through the DIY method.
When you choose to work with a health insurance broker, you will also receive a customized insurance and risk management program designed exclusively for your business and unique needs. Within this plan is where you and your broker can design a policy that best works for your business, negotiate terms with insurance companies, and enroll in a policy with favorable terms.
Equally as important, having a health insurance broker on your side can provide great peace of mind. Not only are you lowering your risks, but you can be proud to offer your employees an exceptional benefits package.
How Do I Choose an Insurance Broker?
Choosing a good health insurance broker is not always easy. Today you can find countless plans and policies online, by calling toll-free numbers, and from local brick-and-mortar businesses. How do you know which is best for you? It all comes down to what you want your experience to be like.
If you want the guidance, professional advice, and security that come from choosing a customized health insurance plan, then you want an insurance broker. If your existing broker is not providing this to you, it may be time to make a change.
Insurance agents work on behalf of the insurance companies. Brokers focus solely on the needs of their clients, honing in on the best policies with the most competitive terms and prices. An insurance broker can even help you bundle different benefits, such as life insurance, retirement plans, and wellness solutions, to get you everything you need in one convenient package.
Want to learn more about what an insurance broker can do for you and your business? Contact our experienced brokers at the Business Benefits Group today. Our full-service, hands-on agency provides affordable and comprehensive insurance solutions for businesses of all sizes.