What health insurance brokers do
Insurance agents specialize in selling health plans and guide individuals or businesses in choosing the coverage that best suits their needs. As agents representing many health insurance companies, they will generally meet with you to discuss your options. The types of insurance offered may include health coverage and other types of policies, such as dental, vision, and short-term and long-term disability insurance. Working with agents can be beneficial because they have access to multiple health insurance coverage plans, so they can give you many options based on factors such as price, coverage, renewal options, and restrictions.
Read more: Why is health insurance important?
Brokers act as a kind of intermediary between health insurance companies and their insured clients. Their duties generally include administrative and sales jobs. Not only will they establish and organize customer coverage, but they can also process claims, provide after-sales service and support, answer questions, or make changes and revisions to your policy. Brokers are insurance sales agents who provide customer service to their policyholders as an added bonus.
How do agents serve policyholders?
Brokers handle all the details needed for your policyholders: get initial quotes, set up and start coverage, service claims, and make sure your policy is renewed immediately. Insurance agents are trained and qualified to serve from a single policyholder to a large corporation. As a client, you can tell the broker exactly what types of coverage you would like to offer and what your budget can handle. You can specify the discounts and health services you want to cover and whether you prefer a policy that provides out-of-network coverage, so you can choose your doctor with more flexibility.
Brokers do all the research and work to find the best possible coverage at the most affordable rates. As insurance agents, they will review your current health coverage. They can work directly with insurance companies to coordinate a health insurance policy that meets your specific requirements. Business owners will appreciate the many coverage options that health insurance brokers can offer.
Insurance brokers and agents operate on commission, which you should be aware of. "Commissions on your premiums do not affect individual and group health insurance policies, which means the rates are set by state law, so the price you see online with the carrier is the same as the price you get with another agent or broker, "says Jesse. Smedley, insurance broker with top-notch iHealthBrokers.com. "They are on file with the state insurance department and cannot disagree on anything, including the agent's commission. The only exception is your medical history, which can cause your premium to go up." Commission rates are negotiable with large group health insurance for employers with 50 or more employees.
Read more: How does health insurance work in USA.
Choosing a health insurance agent
If you decide to work with an independent proxy agent, you will need to ensure that they have the necessary credentials and the appropriate license. Requirements may vary from state to state, but generally insurance agents must pass an exam to be licensed and certified. Preparation for entry into the profession includes the study of laws, practices and policies related to the field. Once an insurance broker is licensed, there is a general continuing education requirement so that agents can stay current with insurance guidelines and maintain a license to practice.
If you decide to hire an insurance agent who works for a brokerage firm, you will need to conduct a thorough background check before doing business and obtaining coverage. Doing a little homework will help you make an informed decision when shopping for health insurance coverage. Check out Angie's list of member reviews, recommendations, and ratings for insurance agents near you. You can also check your licenses.
Read more: The Health Insurance Marketplace.
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