A health insurance broker’s primary function is to guide your business through the health insurance selection process from start to finish. Utilizing a broker will help you think critically about the vast needs of your employee population and ensure your plan is compatible and financially viable.

Health Insurance Brokers vs. Health Insurance Agents

There are several factors to consider when determining whether your business would be better suited partnering with a health insurance broker or if a health insurance agent could reasonably address your coverage needs.

The primary distinction between brokers and agents is that agents typically only represent (or sell policy coverage on behalf of) one insurance company; brokers, on the other hand, are a type of agent that usually work directly with several different insurance companies simultaneously.

There is a wealth of information available about policy offerings that insurance providers make publicly available, so you may be able to narrow down your search to a single provider. If that is the case, contacting an agent who works directly with that insurance provider could be the most direct path to obtaining coverage. Similarly, if the industry in which you operate has any special insurance considerations that need to be accounted for, then contacting an agent with relevant experience or who has previously worked with companies like yours

However, for businesses entering the market with less familiarity that may not have yet determined their exact needs, utilizing a health insurance broker that works with several insurance providers can potentially provide a greater range of policy options and determine the best coverage fit. The benefits of utilizing a health insurance broker include the following:

  • Quick access to support. You will have a designated person who can help you solve a vast array of problems as they arise, including issues or questions related to claims payments, coverage eligibility, access to care, and more.
  • Personalized recommendations. Brokers can recommend different benefits packages with tailored advice.
  • Provide specialized health insurance knowledge. Brokers can help you understand more about what health insurance coverage entails, allowing you to make sense of all available options.

What Kind of Help Do You Need?

Finding the best health insurance broker or agent to suit your needs depends upon first determining what you need. Suppose you know the specific policy you want and which insurer you’d like to work with. In that case, choosing your agent or broker may be simply a question of experience in your industry, location proximity, complementary personalities, or all of the above.

Alternatively, suppose you have yet to determine your needs, and you’re seeking significant guidance in figuring out precisely the type of coverage that is best for your company. In that case, you might prefer to work with a broker whose multiple insurer affiliations provide a wide range of policy coverage choices.

Because of the continuing nature of the broker/agent and policyholder relationship, an understanding of your company’s present and evolving needs should be prime considerations when evaluating compatibility with a new insurance broker or agent.

How to Find the Right Broker You

With an understanding of what you’re looking for in mind, the next step is to locate and vet potential broker candidates.

Find a new health insurance broker.

As technology has evolved, so has the health insurance brokerage business and how potential clients search for and evaluate brokers. To stand out from the crowd, many brokers have become more specialized than ever to differentiate themselves and carve out niche expertise.

Searching for and vetting the right health insurance broker for you and your business is easier now than it has ever been before. Search for a top-rated health insurance broker near you.

Want more digestible health insurance content? Read our blog on everything you need to know about offering employees health insurance.