As A Broker, We Have All Of Your Options

For those looking for affordable health insurance, it’s good to know what you’re looking for. Some people prefer to have a health insurance agency handle their insurance while others prefer a broker. But what roles do they play and what benefits come with each?

Anyone in the market for health insurance will find that both health insurance agencies and brokers act as middlemen between the individual looking for insurance and the insurance company they decide to go with. Regardless of which one you decide on, it’s important to understand that both must abide by a legal obligation to aid people in finding health insurance that suits them.

With this being said, the most obvious difference is that a health insurance agency represents a health insurance company while a broker acts on behalf of the person seeking out health insurance. In essence, brokers are capable of providing plans from more than one health provider while a health insurance agency represents a single health insurance company.

A health insurance broker can represent a single insurance company or multiple companies. The insurance brokers representing a single company are viewed as captive while brokers representing more than one are seen as independent. Brokers will not charge fees to the individual. Instead, they receive their compensation in the form of commissions and/or salaries plus commission.

Health insurance brokers work to find an insurance plan that fits the person’s needs. Instead of working for the insurance companies, these individuals receive their commissions from the companies. All of the insurance policies include built-in paid commission fees, providing the brokers with their compensation.

Going to a broker is a good idea because these individuals understand the insurance industry. These men and women are experts in their fields and work to guide those in need of health insurance. Some even specialize in certain industries. With the right broker, you’ll receive the help you need to find an excellent health insurance plan and manage it after.

Regardless of whether you decide to go with a health insurance agency or broker, you’ll want to ensure that they are qualified to help you. Although it can be difficult to find health care insurance for oneself, getting help from either will make the process much easier. Ultimately, both are capable of locating the health plan that suits your needs, making the choice dependent on your personal preference.