There are so many ways to find a group health insurance broker, although some ways are more reliable than others are. You can certainly do a search on Google or another search engine using the search term “group health insurance broker.” However, be aware that the names that come up at the top of the list will likely have paid well for that placement, which has little to do with how good a broker they are. Additionally, if you want to work with somebody local, this method will likely not be your best bet.
With or without a broker, you can search for group health insurance quotes here first after you type your ZIP above!
Another, better, way to find a health insurance broker is to ask around. Word-of-mouth recommendations are often the most helpful and the most reliable. You may choose to call up friends at other companies and see which broker they use, or ask other companies in the same office building as your company. If you have a trusted family member or acquaintance in the insurance business, ask them for their referral.
Get the number of your state’s Insurance Commissioner from the National Association of Insurance Commissioner’s map of states and jurisdictions and call them up to find the names of licensed health insurance brokers in your area. Before you call them individually, check that their company has a good grade with the local Better Business Bureau, with no customer complaints filed against them.
What qualifies somebody to be a group health insurance broker?
A group health insurance broker doesn’t need a particular college degree to specialize in their field, but they do have to be licensed. As mentioned above, you can check a particular broker’s license status through your state’s Department of Insurance. For instance, in California you’d check the California Department of Insurance.
Every state’s licensing requirements and licensing process differs slightly. Insurance brokers must be licensed in each state in which they plan to do business. They must also be licensed for each insurance line–i.e. property & casualty, life, health–that they plan to represent. Brokers must complete pre-licensing courses and then take state-administered licensing exams dealing with both insurance fundamentals and the particular state’s insurance laws.
Many states require brokers to complete mandatory continuing education requirements every two years to ensure that insurance brokers are continually updated as to:
- State laws
- Insurance vehicles
- Consumer protection
- Technical details concerning insurance policies
For instance, California requires health insurance brokers to take 24 continuing education credit hours or more for a two-year license, along with an additional four hours for ethics courses.
Some brokerage companies prefer to hire insurance brokers who have a college degree in business, finance, or economics. Obviously, a broker should also have great interpersonal skills, be organized, have a head for numbers, and be highly motivated. Previous sales experience is usually a plus as well.
Why does my company need a group health insurance broker?
Simply put, your company needs a group health insurance broker because they are experts in their field. There are so many nuances and details that you simply won’t know when it comes to insurance and a broker is trained and licensed to know them. An insurance broker will look at your company’s employees and their needs and be able to recommend the best possible plans to cover those needs.
For instance, if your company still provides health insurance coverage as part of employees’ retirement packages, would you know how to administer Medicare policies? Chances are you don’t, but your broker will. The broker will represent your company’s best interests in getting the right policy or policies from the right insurance providers.
In addition, a group health insurance broker is dedicated to your company account and its administration, taking much of the burden of researching companies, updating plans, and just general consumption of your precious time, off your shoulders.
Who pays a group health insurance broker?
It depends upon the individual group health insurance broker whether they are paid by the health insurance company or by the company, such as yours, whose interests they represent. Because the broker is selling an insurance provider’s plans, and selling them in large volumes, when they get a client company to sign up with that provider, the provider might pay the broker through a commission.
On the other hand, the broker is representing the client company in the bargain, so sometimes it’s the client company who pays the broker a flat fee for their services. Ask your broker before you sign with them so that you know who is responsible for their bill.
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