Benefits Of Working With Health Insurance Brokers & Agents

Many health insurance agents and brokers represent health insurance companies, presenting their products to consumers. They must be licensed by the state in which they work and complete continuing education requirements. Some of them are certified by the health insurance exchanges like www.yourhealthidaho.org and complete annual training. Some agents work for several different carriers, while others are captive agents. This means that they are responsible for finding coverage for each of their clients, regardless of their employer's health plan needs.

Employers may be referred to brokers by their trusted advisors or business owners. There are online brokers and associations that can refer clients. Choosing a broker is an important decision. You must understand the industry and the law before deciding on a broker. Make sure to get references and ask questions about the benefits of each service. Remember, they are professionals and should be able to answer all of your questions.

Insurance agents and brokers work for insurance companies and are paid on a commission basis. The advantages of an agent are that they have an expert perspective and are likely to understand the ins and outs of a particular carrier. While independent agents work for multiple carriers, independent agents are smaller and represent many more. They also have access to the best policies. You should research each company's reviews before choosing a specific agency.

What Does A Broker or Agent Help You With

While insurance agents are paid through commissions, some also get bonuses for enrolling high volumes. Typically, they earn between one and five percent of the monthly premium for each policy. However, some companies will pay bonus incentives for attracting higher volumes of customers. When selecting an agent, it's important to understand how they make their money. A broker with bonuses is unlikely to meet your needs. There's no need to hire an agent if he's not willing to share their compensation.

In addition to providing quotes and services, they are often responsible for educating consumers about the Health Insurance Marketplace. During annual Open Enrollment, they assist consumers in choosing the best plan to suit their needs. In addition to helping individuals and families navigate the healthcare market, these professionals also help employers understand the benefits of the various plans and insurers. They help businesses understand and enroll in the Health Insurance Marketplace.

Independent Or Captive Agents - Which is best

While most health insurance agents work for an individual or a business, they may represent an insurer. In contrast, a broker will work for many different carriers, including the same insurance companies. Moreover, brokers may be paid by commissions on the policies they sell. 

They can help you enroll in the Marketplace or identify the type of health insurance coverage you need. In addition to this, health insurance agents and brokers can also help you navigate the complicated world of health insurance. They can also help you find affordable health insurance. A qualified broker can save you time and money. And it's not all about finding the best plan.

Call Chris Antrim Insurance - Boise Health & Life Agency today for a quote or review of your small group or individual plan. We are Your Health Idaho Certified and can help you receive a potential tax credit for your coverage.