What is a Healthcare Insurance and Benefits Broker?

A Guide To Getting The Most From Your Benefits

Healthcare brokers are licensed professionals with knowledge and expertise in health insurance and benefits. To earn a health insurance license, individuals must pass several state-specific examinations. These exams test their knowledge of policies and provisions, insurance terminology, tax considerations on the federal and state level, differences between individual and group insurance plans, and health maintenance organizations (HMOs).

Healthcare brokers do not offer or issue health insurance or work for a specific insurance carrier—they are advisors who have relationships with multiple insurance carriers to advise you on the right one for your business and your goals. It makes no difference whether you buy a plan directly from an insurance provider or an independent healthcare broker—the price you pay is the same.

What does a Healthcare broker do for a business?

In essence, a healthcare broker advises and facilitates small business owners in acquiring employee health insurance plans. The world of employee healthcare insurance is complex and ever-changing; brokers serve as a guide. Partnering with a healthcare benefits broker helps your company in several ways:

  • Receive unbiased expert advice

When you’re searching for the best plan, insurance providers will be eager to try their best sales pitch on you. However, choosing a plan is not about the best sales pitch—it’s about finding the best insurance plan that serves your employee demographic and business needs. That’s where a healthcare broker comes in, providing third-party, independent advising that has your interests at heart. When you win, then so does your broker.

  • Keep your business in tune with market dynamics.

Knowing the ins and outs of recent developments in the health insurance industry is a full-time endeavor. With numerous forces posing risks or future changes to pricing, regulation, entrances, and exits in federal insurance exchanges, it’s quite a task to keep up with new additions and discontinued plans. That’s why a health insurance broker keeps track of those things for you, notifying you and making recommendations as environments shift.

  • Improve employee retention and attract top candidates

To be competitive in the job market, employers can stand out by offering employee benefits packages. The majority of job applicants in the current market are looking for comprehensive benefits alongside salary—so much so that it can be a major deciding factor in choosing between job offers. Moreover, your current employees will be more likely to stay with your business if you take care of them. Health insurance makes them feel protected and looked after, thereby working as an incentive to continue working at your company.

  • Quick access to support

Should any issues crop up involving eligibility, claims processing, payments, or other health insurance complications, your broker is there to expedite and find the solution for you. Because of their network and contacts within insurance companies, they can make sure to prioritize your concern and resolve it promptly. Having a liaison will save you a lot of time otherwise spent negotiating with insurers and other involved parties.

Connect with DesignTM Health Insurance & Benefits Brokerage

Are you looking for experienced healthcare brokers to guide you through the process? In that case, DesignTM Health has the expertise and experience to assist in the cultivation, implementation, and maintenance of group health insurance plans.

Our team knows that no health insurance plan fits all—each business has unique aspects that must be considered. DesignTM Health is ready to help you define and implement a custom contribution plan. Let us show you the way and make your employees’ lives easier with our digital user-friendly tools that allow them to access their healthcare benefit account information easily.

When you partner with us, we recommend the best health insurance and benefits plans for your business and optimize solutions for you as market forces shift. Contact DesignTM Health today to see how partnering with us will benefit your business.

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