How to Hire a Health-Insurance Broker

By hrlineup | 12.12.2019

Understanding health insurance is similar to trying to work your way through a maze. There are so many different plans available that it can be close to impossible to decide which would be the best for you. That is when a health-insurance broker would come in handy. Truth be told, not all health insurance brokers are created equal. Here are some things that you need to know when you are considering hiring an insurance broker.

Reputation Comes First

It is always best to look for a broker who is experienced in the market. At the minimum, they need to be registered. Reputation is key, as you want your broker to be someone who is trusted and who delivers. The best way to assess the reputation of a broker is to get some referrals from other companies. When choosing the companies for referrals, make sure that their needs are similar to yours.

Establish Which Services You Want

For small business health insurance, it is important to be clear about what health insurance services you need. The health insurance broker should make this much easier for you. It is important to ensure that the potential broker has excellent understanding of the Affordable Care Act since there is constant evolvement of the regulations.

The right broker will also be able to clarify what would be the best employee health benefits for your team. First, it will establish the number of employees who are eligible for health insurance by taking into consideration their age profiles and health insurance requirements. In the event it is necessary to make some alterations to any existing plans, the broker should be able to take you through the entire process.

Find Out About Renewals

At the end of the year, it is necessary to renew health insurance, and this should be done as seamlessly as possible. Without a proper plan, you could interrupt the health care availability to your employees. It is worth knowing that renewal needs to begin up to 120 days before the end of the policy, and a good broker will be privy to that. With the right broker, you will be able to transition from one year to the next with no worries.

The Fees Are Worth Noting

It is important to understand how their business models work. The way that they are paid my affect the fees that they actually charge you. Knowing whether they are paid a flat fee or commission could have an effect on the number of people they handle for you, and the eventual cost to you. If they do charge a fee, you will need to know how that fee is structured.

A little bit of research will go a long way when you are looking to hire a health insurance broker. Make the right decision and you may not have to go through the process again. Also, make sure you choose a broker and not an agent as brokers have a much broader scope.