If you are a business owner looking for group health insurance, using a health insurance broker can save you time and money. You can find the right plan that covers your insurance needs. Brokers can simplify the underwriting process and keep you updated on changes that maximize your coverage while reducing your healthcare costs.
A health insurance broker is a licensed professional that helps individuals and businesses compare health insurance companies in their state, find a suitable plan, and manage their policy as needed. Brokers help clients sift through all available options to find a plan that is compatible with their needs while staying within their budget. A broker represents you, the client, not the insurance company. They are always acting in the best interests of the individual or small business owner.
Using a Health Insurance Broker: How It Works
One of the advantages of using a health insurance broker is that they simplify getting health insurance in only a few steps.
- The broker takes you through a series of questions and answers.
- You are presented with multiple plan options that meet your needs.
- You choose an individual or group health insurance plan that works for you.
- The broker guides you through the underwriting process.
- The broker completes the process and signs you up for insurance.
Moving forward, the broker monitors your health insurance coverage and makes recommendations to update your plan as needed. If you have changes in your household or business, you simply contact your broker and let them take care of the paperwork for you.
How Can an Insurance Broker Save Money for My Business?
A broker analyzes the risks and determines the best insurance coverage and rates for your business. They explain coverage options so that you can make an informed decision on your insurance and benefits. Brokers can save your organization money in the following ways:
- Shop through multiple insurance carriers to choose the best policy
- Match your business with the insurer and policy that fits your needs
- Provides you with the best value for your dollar
- Offer policies at rates that are unavailable to marketplace insurance buyers.
- Look for ways to customize or bundle policies that agents might not be able to
- Ensure your business has only the coverage it needs without being overinsured
- Develop loss-prevention programs or take advantage of insurer programs for better renewal rates.
A good insurance broker will work with you to research coverage, conditions and prices, and recommend an insurance policy that best fits your company.
Does Insurance Cost More Through a Broker
Brokers help you find, purchase, and renew the best insurance policy — usually at no direct billable fee to your organization. Insurance is generally not more expensive through a broker because commissions are paid by insurance companies and are included in the premium cost.
As a result, insurance brokers do not charge you for their services.
Instead, the insurance carrier pays the broker a commission based on the policy’s premium. Commissions are a percentage of your premium costs and are included in the retention component of the insurance premium. Rates and insurance premiums are regulated by state law, and those regulations vary. But whether or not you buy insurance through a broker, the premium for your policy generally stays the same.
If you shop for coverage on your own, you will pay the same price, but the insurer would not need to pay a commission – except to their salesperson. Broker commissions are usually tied to premiums.
Contact Insurance Enterprise for Small Group Health Insurance
If you have questions about group health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed broker and find out more about how you can get an affordable health insurance plan.