How Can A Health Insurance Broker Help You Find Insurance
If the idea of buying health insurance for you or your family sounds confusing, enlisting the help of a health insurance or medical insurance broker might be a safe bet. What is a health insurance broker? In simple terms, a health insurance broker is someone who helps connect people looking to purchase insurance with health insurance companies. Health insurance brokers are in fact popular, as many people who are in need of health insurance use their services. People that are more likely to enlist the services of a health insurance broker are those that do not have access to employer-based insurance (those that are self-employed) and others with pre-existing conditions that may make it more difficult to get health insurance.
It can even be said that health insurance brokers mirror some of the responsibilities of a realtor. While a real estate agent helps the consumer find their dream home at an affordable price, in a similar vein, health insurance brokers work to find the most economical rates for health insurance for their clients. Once the perfect health insurance is found, both the insurance company and the customer sign documents legalizing the agreement.
Although many fear that because the health insurance broker works for the insurance company that they would not have the consumers’ best interest at heart, this could not be further from the truth. As a health insurance broker, one of their main job tasks is to be knowledgeable of the different health insurance companies, and which are the best fit for their clients. To add, health insurance brokers can also be an asset as they are generally knowledgeable about more intricate details of health insurance– including information about premiums, deductibles, claims and so much more. Health insurance brokers are often times paid a small fee for referring customers to insurance companies, and are only paid once the customer purchases the health insurance plan.
These payments that the health insurance broker receives are referred to as commissions. This commission can be paid in 3 ways: it can be paid directly from the insurance company, it can be paid directly from the consumer, or even from both the health insurance company and the consumer that purchased the plan. This fee can seem like a well-earned fee, especially if the end result is the customer being happy with their healthcare insurance.
Health insurance brokers are required to be licensed, so fear not– they are on your side.