If you’re at a point where you’ve started to look at offering healthcare benefits to your employees, you’ve probably discovered that this can be an extremely complicated process and quite a task to take on! It’s difficult to even know where to begin! There are thousands of different options available all with slightly different plans and costs. You also have complex legal issues to understand, interpret, and comply with. Hours and hours can be poured into trying to make this work without having any real success whatsoever.
Well, I’m here to tell you that there is a better way to go about all of this!
The “better way” is called…
an insurance broker!
Whaaaat?? Yep! Let somebody help you who does this stuff for a living. What a novel idea!
You might have some doubts about this, so I’ve created a list of the top five reasons why you should consider using a broker for this process. You might think that they don’t have your best interests at heart, they just want a big commission, or maybe you didn’t even know this profession existed (this was me)! Hopefully this list will help dispel some of those preconceived ideas and paint a nicer picture of why these people can be so great!
1. There is no cost to you!
Best reason by far, I think! When I first heard the idea of using a broker, I thought, don’t people want to try to save money on this stuff? It’s expensive enough as it is! Hiring somebody else to do it for you will just make it way more expensive.
The insurance broker will be paid by the insurance company, not by you. This means that you can get expert help on your search for the right healthcare plan for your company without having to worry about any upfront costs.
2. An insurance broker can help you compare different plans
Insurance brokers have access to a wide range of different healthcare plans from different insurers. This means that they can help you compare the different options and find the one that best suits your company’s needs.
This eliminates the need for you to reach out to every single healthcare provider on the planet to get custom plans built out for you only to spend hours upon hours trying to decipher the tiny differences among those plans.
The broker can compile a list of a bunch of different plans for you, and then they can walk you through all of the differences, because they are experts in the field and understand a lot more of this stuff than us.
3. An insurance broker can negotiate on your behalf
When it comes to negotiating with insurance companies, an experienced broker can often get you a better deal than if you were to try and do it yourself. This is because they know how to navigate the complex world of insurance and can use their experience to your advantage.
They already have a plethora of background information on the industry that you don’t have, so it’s far easier for them to go into a situation and make sure that you’re getting the best rate possible.
4. An insurance broker can help with the paperwork
Applying for healthcare benefits can be a complicated process, but an insurance broker can help to make it simpler. They will be able to fill out the necessary paperwork on your behalf and ensure that everything is in order before you submit it.
They also eliminate the need to fill out this paperwork multiple times. If you are reaching out to insurance companies on your own, you’ll have to get a custom-made quote for you from each company. This means that you’ll have to fill out the same paperwork and go through the same application process time and time again.
With a broker, you’ll fill out this information one time, and then they can distribute it to all of the insurance companies with whom they’ve already built relationships. You’ll be able to get a bunch of great quotes with different plan options to compare, and you only had to do the paperwork once!
5. An insurance broker will be there for you in the future
Once you have found the right healthcare plan for your company, your insurance broker will still be there to help you with any questions or problems that may arise in the future. This means that you can always rely on them for support and advice, even after your policy has been put in place.
They’ll also stick around to evaluate your plan year after year. They stay up to date on all of the most current information in the healthcare industry. They’ll pick up on things that you or I might miss, and they can bring that to your attention, so that you can continue to have the best plan at the best price for all of your amazing people.
Hopefully this list has helped you to see why a broker might be helpful for this complicated process!