Working With a Health Insurance Broker to Find the Right Plan

Benefits of Working With a Health Insurance Broker

Whether you’re a business owner trying to find the best healthcare plan for your employees, or you are simply in the market for a health insurance plan, utilizing the services of a broker can save you money and time. A health insurance broker can simplify the shopping and buying process associated with health insurance plans while helping you find a plan that will suit the needs of you and your family. If you are in the market for group or individual health insurance, here is some important information about working with a broker.

What Does a Health Insurance Broker Do?

If you are ready to purchase a health insurance plan, you should talk to a broker first. A health insurance broker is a professional who is licensed to help businesses and individuals navigate the health insurance selection and buying process from start to finish. Some people prefer to research plans and buy insurance on their own, which is okay, but others have difficulty choosing between plans and understanding what type of coverage they really need. Such individuals can greatly benefit from working with a health insurance broker. A licensed professional can help you differentiate between the numerous plans you are presented with and find one that fits your unique needs and budget.

Agents vs. Brokers

When it comes to helping others find and purchase a health insurance plan, there are agents and brokers. It can be difficult to distinguish between the two types of professionals, especially if you’ve never reached out for help to buy a plan before.

A health insurance agent works directly with an insurer and is almost always contractually obligated to them. This means they can only act on behalf of the insurance company they have a contract with, so they can only sell that company’s plans. For example, a health insurance agent who contracts with Anthem can only sell Anthem plans. Working with an agent can be beneficial if you already know what insurance company’s plans you want to look at. Otherwise, you may want to work with someone who can offer you a wider range of plans.

Like a health insurance agent, a health insurance broker assists consumers in finding and buying health insurance plans. However, unlike an agent, a broker is not contractually bound to a single insurer. Brokers work with numerous insurance companies who pay them a flat-fee commission or percentage on plans they sell to individuals and businesses. In other words, brokers can often offer consumers a wider range of insurance products.

Benefits of Working With a Broker

Working with a licensed insurance broker can give you the confidence you need to find the perfect health insurance plan at the right price for your family or business. Utilizing the services of a health insurance broker can also have the following benefits:

• Personalized Recommendations: A licensed broker can easily explain the pros and cons of various health insurance packages. The personalized advice they offer to each client can prove to be immensely helpful.
• Support: Policyholders can contact their broker directly if they have questions or concerns regarding coverage eligibility, access to care, claims payments, and other issues – which cannot be provided on a website.
• In-Depth Health Insurance Knowledge: Brokers can help clients understand the ins and outs of health insurance. They can also help older consumers better comprehend their options for long-term care and Medicare coverage.

Simply put, there are numerous benefits and advantages associated with working with a health insurance broker.

Visiting a Health Insurance Broker

What exactly happens when you talk to a health insurance broker for the first time? First of all, the broker will attempt to understand your current healthcare situation. They may ask questions such as:

• Do you currently have coverage?
• What is your budget?
• Do you see any specialists? How often do you visit the doctor? Do you need to keep your current doctor?
• Which pharmacies do you visit?
• Will you be adding a spouse or dependents to your plan?
• Do you currently take any prescription medications?

Once your broker has an idea of what you are looking for, you will be presented with plans that fit your needs.

If you are presented with more than one potential plan, your broker will help you distinguish between them by explaining each of the different insurance plan categories (ex: HMO, PPO, POS, etc.). They can also help you better understand pricing terms and the difference between on and off-exchange health insurance policies. If necessary, your broker will help you compare provider networks as well.

Finally, your broker will help you choose and purchase the right health insurance plan. If you choose an ACA plan, your broker can help you find out if you are eligible for a subsidy. Your broker can also walk you through your policy’s summary of benefits, so there will be no surprises later.

Contact Us

Finding the ideal health insurance plan can be difficult, but it can be done. Our insurance professionals have an in-depth understanding of health insurance, and they can definitely help you find a plan that meets or exceeds your needs. Contact Sackett & Associates Insurance Services to get started today.