Finding group health insurance can be a confusing process, but not one that needs to drive you crazy. There are ways to find good plans: one is the internet, one is word of mouth, one is comparison shopping, and another is using a broker.
What Does a Broker Do?
A broker is a person you hire to find you the right plan for the needs of your company or organization. Your group health insurance broker has many tools to locate and negotiate with the company you will need to handle your programs. Where you could spend hours and days comparing notes and making phone calls—even searching the internet—your broker may be able to locate an insurer quickly and efficiently.
The broker will also do a lot of the legwork for you, and may go so far as to help set up meetings and finalize plans. You won't have to sort through comparison quotes for insurance companies—your broker will make evaluations and look over the available policies for possible flaws or problems down the road.
Disadvantages: Sometimes with private insurance coverage your plan selections are very limited. You will also have to fill out detailed health questionnaire and get a thorough health examination; if you don't pass this exam to the company's preferences, they will turn you down or offer you a limited plan. They can also deny you coverage for pre-existing conditions. Individual plans can also be more expensive because you have to pay the premium.
The internet and yellow pages are both good places to start your search for an insurance broker. Other ways are to speak with others who have used a broker and can give you some references.
Other Ways a Broker Can Help You
Your group health insurance broker will also check to make sure you are giving him or her all the information necessary to make an informed decision. Where you might forget to mention something important to a prospective provider, the broker will remember those important things and help prevent nasty surprises.
Group health insurance doesn't need to be a chore to find. If you have a few dollars to spend on making sure you find just the right plan for your employees, spend it on a broker. Make sure you find a reputable one and check their references through your local insurance commission or Better Business Bureau.
