The world of health insurance can already be complicated enough. And, if you throw in how expensive everything is becoming, it is important that you get help.
What if we said that there was someone who helped you save money, time, and headaches when it comes to health insurance?
No, it is not too good to be true.
This is your easy-to-follow guide on health insurance brokers and why they are needed.
What is a health insurance broker?
A health insurance broker is an independent agent that can be contracted with all the insurance companies directly. So, while a captive agent (more on this later) can only sell one company, a broker can sell all of them. Think of a broker as a middleman between the insurance company and the client.
Aside from that they are useful in many other ways like helping members with their claims, making any payments, and overall customer support.
Are health insurance brokers and agents the same?
A common misconception is that brokers and agents are the same. A captive agent is someone who only sells the products of 1 company. They are legally contracted by one insurer and cannot sell any other type of products.
So, unless you only want to get covered by a specific company, there is no reason to choose a captive agent over a broker. You can use the term “insurance agent” to describe both as well but when the word captive is before it, now it means something different.
How does a health insurance broker help you?
There are many benefits you will get when you choose a broker to help you. It is never recommended to try and apply for health insurance through the marketplace by yourself as it can lead to many problems later down the road (especially with taxes).
So, what are the benefits? How can they help? Here are 3 benefits of choosing a health insurance broker:
- Access to all the insurance plans
One of the best benefits of having a broker by your side is their contract with multiple companies. If you call a captive agent, they will only sell you their company, but a broker will look through the entire marketplace and find the best company that suits you.
Now it is important that you get in contact with the right health insurance brokers.
This means the ones who have partnerships with all the top carriers in the marketplace. That way they have no incentive to sell you one company or the other and you will always get the best price.
2. Easy application process
What better benefit than the actual application itself? Skip the long enrollment process and hand over all the work to the agents. The application process can be hard to navigate and that’s why brokers exist (they are licensed for a reason!)
The worst thing that can happen if you try and apply by yourself is putting incorrect income and having to return hundreds if not thousands of dollars when tax time comes. Have everything done for you and avoid any problems, it’s the best of both worlds.
3. File claims, make changes, and support
Possibly one of the best benefits of having a broker is when it comes time to file a claim, they will be the ones to help you. Also, if you ever need to pay certain bills, make any changes to your application, they can do it. It can get really complicated, really quickly, to try and figure all these things out so it’s best to leave it for someone who knows.
Do you need to pay a health insurance broker?
No, you do not need to pay health insurance brokers as the insurance company pays them directly. If a broker/agent tells you they require a fee for their help, run away! That is why it is crucial to research and do your homework on exactly who you are calling.
How to find a health insurance broker
There are many ways to find a broker. Your best friend in this case is google. Search up things like “insurance agency” and “insurance brokers” as those will be the ones you need to look out for. Make sure they have all the insurance companies available to sell.
Do not call a health insurance company directly! They will try and sell you their plan and their plan only, which means you potentially missed out on hundreds of cheaper and better alternatives.
Next steps…
From helping you enroll in health insurance, to making payments and comparing plans, a health insurance broker is crucial when it comes to healthcare.
Save yourself money and time and contact a broker before you buy an insurance plan. Even if you have already had coverage, you can still reach out and see better and cheaper options. Health insurance does not have to be a complicated thing, at least not with the right team…
