Do You and Your Business Really Need a Health Insurance Broker?

Choosing the right health insurance broker can mean savings of tens of thousands of dollars in health insurance premiums each year.

When selecting a new broker, there are several qualities you want on your checklist for your new health insurance broker including:

  • He or she should be well-versed in the nuances of all the carriers and plans available to your business in order to obtain the best coverage and pricing for your employees.

  • Your broker should offer multiple options from which you can choose your new plan at renewal time allowing you to take advantage of competitive packages and prices.

  • He or she should manage activities regarding the administration of the plan you select while leveraging technology in the administration of employee benefits.

  • Your broker should maintain solid business relationships with insurance carriers in your region in order to successfully navigate problems and reach resolutions regarding employee issues.

When choosing your broker carefully, you and your business will save not only a great deal of money, but also hundreds of hours of research which are better spent gaining profits and market shares.

The final benefit of selecting your own personal health insurance broker is the fact that you are, in reality, already paying for one. That’s right, most United States Health Insurance Companies factor in commissions paid to brokers, passing the expense on to you, your employees, and your business. The insurance carrier pays the commission to the broker who actually has a fiduciary duty, as a trustee, to you, the employer. This, of course, means when you don’t select your own health insurance broker, you are overlooking benefits and essential services for which are paying each and every month.

Now, having explored the ways to save money on your company’s health insurance plan in this series of blogs, you’ll want to follow closely into the next series as we uncover strategies to save money when health insurance renewal times comes around!