A health insurance broker’s job is to provide clients with the best health insurance policy for them. They know the intricate details for specific insurance policies, and they’re able to navigate the client through all their options and they should be able to choose the best policy for their client after taking all of their specific circumstances into account.
Brokers normally work on a commission only basis, and health insurance brokers make an average of 15% per sale. Rates between broker and health insurance companies are the same, because both parties make commission (if not the broker, then the salesman who takes the call at the company).
How to Become a Broker
To become a licensed health insurance broker, there are a few courses to take and one mandatory exam. It’s important for brokers to keep abreast of current laws and guidelines as they can change quite often. Most of the time, people who become health insurance brokers have transferred from another health related career, where they were able to build up a lot of knowledge about the industry.If a broker gets enough clients, he/she can hire admin assistance, but as with all stand-alone companies, he/she will have to pay for them out of the company earnings. Therefore, it’s common for multiple brokers to work together and form a partnership, and share office/admin costs.
Technology is Changing.
The Internet is changing the brokerage industry though, as more and more people can just search online to find the same information they’d learn from a broker. On the other hand, there’s a lot of information online and it can sometimes be confusing, misleading or overwhelming. That’s where a broker could help you.
One thing to note is that brokers don’t necessarily have access to all insurance companies and policies. So if you know what you want, they may not offer it and you have to find someone else who does. Then again, if you knew what you wanted you probably wouldn’t go to a broker in the first place, you would most likely go straight to the company.
Specialisation is the Key for Brokers
One thing brokers have started doing to combat this is to specialise in a specific niche or industry, something targeted, so they know more than other brokers about that one subject and are the number one resource on it. If you’re looking for a particular kind of health insurance, or getting insured for something specific, there’ll be a broker out there who will know the policies and details inside out.
Private health insurance brokers are different than others, because they’re not tied to any specific insurers and can give you a different perspective on whom to choose. While private healthcare insurance can cost a lot more than anything else, being covered by private healthcare has a lot of benefits.
If you’re looking for a health insurance broker, as with anything, make sure you do your research. It’s important you trust whom you work with, and that they do the obligatory research on your pre-existing medical conditions and other variables. Your health is your wealth, so make sure you choose your broker and health insurance policy wisely.