How to Choose the Right Group Health Broker
A group health broker can help a business sort through the wide range of insurance plans available out there, helping it choose one that suits its needs well, as well as fits the budget. While some employers may not need professional assistance, most others would probably be better off seeking professional guidance, as choosing the right plan may be a daunting process.
However, choosing a health broker or agent randomly may not cut it. You would need to be sure that the agent or broker you hire can actually help you make the right choice.
With that being said, here’s a rundown of some of the important factors you need to consider while choosing a group health broker or agent.
Asking for References
It’s important to find a reputable broker in order to make sure that you don’t run into unexpected problems later on. Asking for references from companies that are similar to you in terms of size and scope should definitely be an ideal start to the selection process.
Similarly, you can also call your state insurance commissioner’s consumer hotline, and inquire about the record of the broker you’re looking to hire. Also try to find out whether they have ever been sued by a client.
While you may not necessarily find all the information you need that way, it may surely help. Finally, you can also do a simple Google search on the broker’s name to check whether it brings up anything that helps you with your decision.
Analyzing Your Needs
Analyzing your company’s needs is crucial when it comes to choosing the right broker. This is especially true given that there doesn’t seem to be a particular standard in the industry, and the services may vary from one professional to another.
This makes it important analyze your company’s needs, as you would only be interested in the brokers who are experienced with the plans you’re considering to purchase. Similarly, when the broker comes up with their recommendations, you need to make sure whether certain plans aren’t included because they really weren’t right for the business or it was just because their provider doesn’t offer those plans.
Finally, if you’re a small business, you wouldn’t want to go with a broker that usually offers services to large businesses, and vice versa.
Single Account Manager or Multiple Representatives
You would also want to find out whether you would have a dedicated account manager. Having to deal with multiple representatives may sometimes get very annoying, especially if your group insurance needs tend to be different and you would need the assistance of a professional frequently.
On the other hand, however, an individual health insurance broker may not offer the same level of services as a dedicated account manager working for a large organization.
Handling of Renewals
Last but not the least is how the renewals are handled. It surely wouldn’t be a good experience if the professional comes up with the renewal notice just before it’s due. Ideally, you would want the renewal process to start 3 to 4 months before the renewal date, especially if you’re a large business.
You would need to have a meeting with the broker to discuss the goals for the year. Also, you need to review all the plan details before the renewal to make sure they remain relevant to your business’ needs and goals.
Call TRBenefits 408-290-3824 for all your business health insurance needs in San Jose