Brokers are insurance experts who get to know you, your business and your employees. They can help you find plans that meet your financial specifications and needs and recommend premium tax credits or more modern options, such as level-funded health plans.
They’re also available after enrollment to answer questions or concerns about your new policy. This is important because many people have questions about their further health coverage.
They Can Help You Find the Right Plan:
Health insurance brokers are a valuable resource for small business owners seeking the best health care options. A recent survey found that 92% of small-business owners reported finding brokers helpful in their search for benefits.
Colorado health insurance brokers will help you understand complex terms and options, such as provider networks, premium tax credits (if you purchase through the ACA marketplace), and deductibles. They will also make side-by-side comparisons of the various plans available to you.
And the best part is that their services are free. Brokers typically earn their basic commission through the insurer’s rates, and additional fees may be charged for certain extra services. These are built into the overall plan pricing. This allows them to be impartial when soliciting quotes and examining the market.
They Can Help You Save Money:
If you want to save money on health insurance, a broker can help. This is because brokers aren’t bound to a single insurance provider company and can therefore offer you more affordable options.
They can also help determine if you qualify for premium tax credits and other government-based cost-saving options. Additionally, they can help you find more modern options like level-funded plans from new insurance companies.
And best of all, most health insurance broker services are free for customers. This is because brokers get their commissions directly from the insurance companies they work with. Their services are built into the monthly premium you pay for your health insurance. This helps to keep costs down for small businesses.
They Can Help You Manage Your Employees:
Health insurance brokers are a vital extension of your human resources team. As experts in employee benefits, they can help you find innovative ways to support your employees. They also serve as an escalation point for any problems that may arise.
Because the health insurance industry is highly regulated, it’s difficult for small business owners to stay on top of all the rules and regulations. Brokers know the ins and outs of state requirements and can ensure that you don’t accidentally break any laws that could result in fines or penalties. They can also guide you through the complicated process of enrolling your employees in new health plans. Ultimately, a broker can save you a lot of time and money. They’re a great value for your company.
They Can Help You Find a Great Doctor:
The health insurance industry is filled with nuances that are hard to navigate by yourself. Brokers live and breathe this stuff and can explain it to you in a way that is easily digestible.
As a bonus, brokers aren’t bound to one health insurance carrier, which gives them a much wider range of options to shop for on your behalf. This can be especially beneficial if you have a complicated situation with your employees or want to explore cost-saving opportunities like premium tax credits.
Read Also: The Importance of Keeping Healthcare Licenses Up-To-Date
Health insurance brokers will give you quotes, information about different plans and enrollment assistance at no additional cost. Their commission comes directly from the health insurance companies. They will also be available as a resource after you enroll, helping you figure out payroll deductions and educating your employees about their coverage.
They Can Help You Stay Compliant:
Unlike insurance agents who only represent the company they work for, brokers act in your favor and are obligated to help you find affordable health coverage. Most of the time, they’ll get paid in commissions built into the cost of the plan they sell you.
Brokers also offer specialized expertise on the marketplace and how it applies to your business. They can guide navigating the ACA and explain how tax credits play out in your situation. According to a recent survey from The Commonwealth Fund, 92% of small business owners found health insurance brokers helpful. They have the insight and knowledge to find a plan that meets your budget and helps ensure your employees receive fair benefits.
