Five Reasons You Should Use a Health Insurance Broker
Whether it’s for yourself, your family, or your employees, shopping for health insurance is never easy. It’s not hard to get overwhelmed by the number of plans out there, the odd jargon, and to find the best value for your money and specific situation. Finding the best option can take a lot less time and hair-tearing—and likely save you money--if you choose to work with a broker.
So, What’s a Broker?
A health insurance broker is a licensed benefits professional who helps individuals and businesses select their health insurance from start to finish. This means that your chosen broker would help you navigate to find the best-fitting plan for you, from premium cost to offered benefits. They would then go through the enrollment process with you, and help you navigate the health insurance Exchange if you qualify for a government subsidy. Brokers don’t work for just one insurer (like Friday Health Plans) and instead contract with multiple insurers for commissions. As a client, the broker works for you for free, but if they sell you a plan, they often get the commission.
Brokers must be licensed in their state(s) and have signed agreements to sell health insurance marketplace plans. They are required to act in your (the consumer)’s interests.
What are the Benefits of Working with a Broker?
Reason One: Direct Support
Your broker is your health insurance resource for the entire year. Even after you have your plan and are using it, you can still contact your broker for support. Whether it be with a question about coverage, a problem with the service, or other issues, they can reach out on your behalf and get you the answers you need. They work for you and provide what you can’t get through a website.
Reason Two: Personalized Service
A broker will do their best to understand your situation and what plan is the best fit. They then personalize their recommendations based on this information, such as your budget, health needs, drug you use, and more. Their job is to ensure you get the best fit, and they will present you with options that meet your requirements.
Reason Three: Expert Knowledge
We said it before, health insurance is confusing. Friday Health Plans does its best to make it as easy to understand as possible. Still, it’s great to have someone there literally explaining things and helping the process go without you wanting to pull out your hair. They will explain the benefits and pros and cons of different types of plans and any confusing terms you may not understand. They can also help you determine if you qualify for a government subsidy to pay your premiums and make your benefits richer. They are required to be licensed, which involves a test and learning the ins and outs of the industry. Their knowledge will make your life easier.
Reason Four: Consumer First
While brokers may get commissions for working with particular health companies, they often work with a handful of companies. They will give you options based on what fits best to you. They want to ensure you are happy and taken care of by the plan that is chosen.
Reason Five: Save Money and Time
The biggest reason you should want to work with a broker is to save both time and money.
Instead of mindlessly scrolling through pages of plans and comparing the fine print, a broker will narrow down your search, give you the information you need, and cut out all the extra stress.
Your broker will also understand your budget. They can help you apply for government subsidies on the exchange and find the most affordable plans, such as ones from Friday Health Plans that get $0 mental health visits and $0 generic drugs. They’ll help you balance the benefits and get the lowest premium costs while avoiding plans that look good but will end up costing you more in the long run.
How do You Find a Broker?
Ready to find someone to make your health insurance journey a breeze? There, there are several options.
- Do a Google search. It might seem obvious, but you can find individual brokers and agencies in your area, see their reviews, and more.
- If you’re shopping as an individual (or family), you can use the healthcare.gov search here.
- If you’re a business looking to insure your employees, use this healthcare.gov page.
- Search on your state’s health insurance exchange.
- Ask friends or family for recommendations. They might already have someone they work with who they love.