Five Reasons to Use a Broker
In today’s day and age where information is readily
available and purchasing direct from a provider has become the norm, it may
seem logical to cut out the middleman and purchase health insurance direct from
the insurance carrier. Yet, that could not be further from the truth! Here are five
reasons that partnering with a licensed health insurance Broker will help you,
your business and your employees:
works for you and has your best interests in mind. A Broker manages
relationships with multiple insurance carriers.
This means that the Broker will research and compare insurance offerings
from multiple carriers, finding the one that best suits the unique needs of
your business. Think of it this way: Brokers don’t sell insurance; they help
you purchase it.
with a Broker does not cost you more.
You pay the same for coverage you purchase through a broker as you would
if you purchased the identical policy directly from the carrier. It is also
important to note that Brokers receive compensation direct from the insurance
carrier you choose, so their services don’t cost you anything extra either.
make purchasing health insurance easy. When
you work through a Broker to purchase health insurance coverage, you explain
the needs of your company – and your Broker takes it from there. No need to complete multiple requests for
quotes, compare policies, reach out to multiple individuals with questions
about those policies – or anything else.
Your Broker is your one point of contact and will manage all of this for
you – speeding up the process and making it easy for you to make an informed
decision about your company’s health insurance.
have a high level of expertise. Brokers are required to be licensed and go
through rigorous training in order to meet the licensing standards in their
respective state. As a result, they have a great deal of insurance industry
knowledge, allowing them to navigate the ins-and-outs of insurance contracts
and their technical and legal terminology. They have access to a myriad of
coverage options, will take the time to explain each one to you and will
proactively negotiate a policy that best meets the needs of your business and
5. Brokers will keep you in compliance. Brokers work to ensure that your business is
compliant with federal, state and local health insurance laws and regulations,
including the Patient Protection and Affordable Care Act (PPACA), the Health
Insurance Portability and Accountability Act (HIPAA), Consolidated
Omnibus Budget Reconciliation Act (COBRA), and more. As health care
reform continues to evolve, having access to a Broker will ensure that your
insurance coverage not only complies with the law but also continues to meet the
needs of your employees and their dependents.