Navigating the health insurance market can be challenging, especially for first-time policyholders. The overload of information on the Internet might not be doing any favours. This is where health insurance brokers come in!
These are experienced individuals, helping you cut to the chase and find a plan that best suits your family’s current and future health needs.
Here’s a closer look at what a health insurance broker does, and how you can choose one:
What Does a Health Insurance Broker Do?
A health insurance broker is a licensed professional who helps individuals and businesses find a health insurance plan that fits their needs. Think of them as an intermediary between insurance companies and potential policyholders.
Brokers have in-depth knowledge of family health insurance. They will assess your family’s needs to recommend plans that provide coverage at reasonable pricing.
The roles and responsibilities of a health insurance broker include:
Client assessment – they will check your family’s financial plan and health needs.
Policy recommendations – they will explain the benefits, coverage, and costs of different insurance companies and their policies, so you can make an informed decision.
Application assistance – health insurance brokers take care of the technical details. They will make sure you acquire and submit the right documentation.
Claims support – they will help ensure a smooth and timely settlement once the right time comes.
Ongoing assistance – health insurance brokers are like your personal assistants. They help you with policy adjustments and renewals, and answer common concerns along the way.
Brokers vs. Agents
Before we move forward, it is worth clarifying the difference between a health insurance broker and an agent. A health insurance agent represents a specific medical insurance company and will explain the coverage offered by that specific company. Brokers, on the other hand, can connect you to multiple insurers and plans.
Brokers are licensed by states, and are paid a commission by insurance providers. In comparison, agents are hired by private medical insurance companies.
Tips for Choosing the Right Health Insurance Broker
With so many insurance brokers available out there, it is difficult to find the right one. Here are some tips you can follow:
Check what they specialise in. Not all insurance brokers offer medical coverage services. Choose an insurance broker that specialises in medical coverage to get the best services possible.
Ask friends and family. When looking for a health insurance broker, ask your friends and family for recommendations. They are more likely to give you an objective review of the broker’s expertise and support.
Check the client testimonials. Pay close attention to the reviews and feedback left by previous clients. Look beyond the ratings and try to find unbiased reviews.
Make sure they are registered. A reliable health insurance broker has a unique registered number provided by the Financial Conduct Authority (FCA). Ask for this number and verify it.
Check the costs. Working with a super expensive insurance broker doesn’t necessarily mean you’ll get better services. Get quotes from multiple brokers and compare their services to choose the right one.
Working with a health insurance broker can offer a wide range of benefits. They will help you avoid common pitfalls and save money while securing your family’s future.
