Selecting an Insurance Broker

Employee Benefits Consultants and brokers can be a useful tool for business owners in the design and selection of employee benefit plans, to assist them sort through the regulatory complexity of health insurance, and keep these programs in budget. While some people research options on their own, others find the process complicated and daunting and will benefit from professional assistance. Deciding who will help you choose an insurance plan is an important first step.

Choose a professional with a good reputation and ask for referrals from companies the Consultant / Broker is currently servicing.

Brokers are independent, selling for multiple companies, and typically can provide more options and a broader view of the marketplace. Brokers will work with you to evaluate the major insurance carriers in your area and review plan designs and cost. Don’t look for just the lowest premiums. Consider the breadth of the network to make sure all the employees have access to in-network physicians, and whether the carriers have good relationships with physicians.

Broker expertise and years of experience are an important factor that makes a difference when solutions are necessary to resolve complex situations with regulations and increasing costs. Some Brokers have international experience managing benefits outside of the United States in areas where sensitive political and cultural conditions are present.

Broker services are of no cost to the client since these are compensated by the insurance company as part of their acquisition cost which you will pay in premiums  whether you use a broker or not.