What is the Difference Between

What is the Difference Between an Insurance Broker vs Insurance Agent

What is the Difference Between an Insurance Broker vs Insurance Agent?

For many, the job titles health insurance agent and health insurance broker are interchangeable. Although both are professionals that work with health insurance companies, there are distinct differences in how they operate. True, both insurance brokers and insurance agents act as intermediaries between insurance buyers and insurers. Also, they must have the appropriate licenses to distribute health insurance coverage. 

However, the primary difference between an insurance broker and an insurance agent is representation. While a broker represents the insurance buyer, an agent represents one or more insurance companies. This difference defines both the philosophy and approach of each profession. You need to ask yourself whether you want to work with a professional that represents the insurance company or represents you. Let’s take a closer look at an insurance broker vs. insurance agent so that you know the difference.

What is an Insurance Broker?

Insurance brokers specialize in finding and securing individual or group health insurance plans for individuals or companies seeking health insurance coverage. Unlike insurance agents, brokers work for you rather than the insurance companies. An insurance broker uses their knowledge and experience to help you assess your unique insurance needs, find the best coverage and value and can assist you when making a claim. As insurance brokers work directly with insurance buyers, they can help you and answer any insurance questions you have.

Insurance brokers perform a variety of duties such as

  • Perform a diligent search to find the right health insurance company and plan
  • Offer quotes and plan options for multiple companies
  • Continually assess the needs of the client
  • Search for discounts or opportunities to reduce premiums

An insurance broker can help you navigate the process of finding, comparing, and acquiring insurance by breaking it down into terms and conditions the average Joe can understand. Insurance brokers pride themselves on providing their clients with the best insurance coverage value. Having an experienced insurance broker represent you is also a wise way to protect yourself or your business.

What is an Insurance Agent?

Insurance agents typically represent one insurance company. Independent agents may represent multiple companies, acting on behalf of each company they represent. An agent provides information to insurance buyers. The insurance buyer then can choose from available policies and contracts from the insurer offered through the agent. These policies and contracts are decided through contractual agreements that the insurance agents have with the insurers to meet certain guidelines.

Insurance agents also perform a variety of duties such as

  • Help the buyer find a plan based on their needs and circumstances
  • Offer quotes and plan options for one or more companies
  • Answer questions and address issues when the buyer calls

 As insurance agents represent insurers, they may or may not have the experience and expertise required to advise you regarding the best policy for your situation. Keep this in mind when choosing between an insurance broker and an insurance agent.

Benefits of Working with a Health Insurance Broker

When shopping for health insurance, you need to consider cost, speed of service, ease of use, secure personal data, and peace of mind that your healthcare needs are covered. Working with an insurance broker can help get you the insurance you need at the best price. Brokers deal with a wide range of products and services and have the qualifications needed to recommend the policies that best suit your needs. 

As most brokers work for smaller companies, the service is typically more personalized, meaning better quality support. Brokers provide full disclosure on commission rates and the effects that these rates may have on your insurance premium. Brokers are required to disclose this information. If you choose to go through with the sale, know that the broker’s compensation is included in your premium payments.

Insurance buyers prefer working with insurance brokers, as most have established track records with staff that offers the experiences and resources you need to make an informed decision. With a brokerage firm available to guide you and answer all your questions, you can gain a solid understanding of what terms and rates are being offered by various insurers. 

Welcome to the MultiPlan PHCS Network

What are the benefits of PHCS coverage? You get to choose any doctor within the PPO network. This gives you an additional opportunity to save your healthcare dollars. MultiPlan’s PHCS Limited Benefit Network gives you discounted access to qualified doctors, healthcare facilities, labs, imaging centers, and hospitals at no additional charge.

Multiplan is one of the oldest and largest healthcare networks in the U.S. Currently, MultiPlan contracts with over 770,000 respected practitioners, 5,000 hospitals, and 70,000 ancillary care facilities, making it easier than ever to find a participating healthcare provider in your area. You save an average of 20-30% off inpatient and outpatient hospital charges when you use the MultiPlan Network.

A Health Insurance Solution That Makes Sense

  • We leverage what you pay for medical services. You end up paying much less than what insurance companies pay out.
  • We negotiate procedures and services from healthcare providers and treatment facilities within Multi-Plan on your behalf. So, if you are self-paying, you save up to 80 percent when you use a provider that is in the network.
  • PHCS Multi-Plan is the largest healthcare PPO network in the country.
  • You choose any doctor in the network.
  • Our plans pay out benefits based on all benefits schedules regardless of whether the benefit exceeds your discounted price. You simply pay the remaining balance.
  • Use Healthcare Bluebook, a simple online tool, to help you find the best care and price for your procedure in your local area.

Contact Insurance Enterprise for Premier Health Insurance

If you have questions about group or individual health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.