Healthcare Insurance Brokers: What They Do and Who Needs One

Insurance brokers help you find a policy that best fits your needs. When buying insurance, it’s smart to get quotes from multiple insurers to find the best price. While almost anyone can compare rates online, in some cases it makes sense to have a professional walk you through your options.

What is an insurance broker?
An insurance broker acts as an intermediary between you and an insurer. Armed with both your background and their insurance know-how, they can find a policy that best suits your needs for a reasonable price.

While brokers can save you time and money, you may have to pay a broker fee for their services. Even with the fee, you may spend less overall. For example, if a broker saves you $100.- on a policy per year for three years, and charges a $100.- fee, you’ve still saved $200.-

Insurance broker vs. independent agent
Insurance brokers are often confused with independent agents. It’s easy to see why: Both work with multiple companies and earn a commission.

Independent agents represent insurance companies, not the people buying the policies, whereas brokers represent the buyer. Agents are also able to bind a policy or provide temporary coverage before a policy is finalized and issued. An insurance broker will generally work with an agent or insurer to bind a policy. Before that happens, the price can still change.

While independent agents work with more than one insurer, they have contracts with specific companies and are often limited to selling certain policies, unlike brokers. On one hand, this limits your insurance options to those companies. However, independent agents may know more about the companies and policies they sell than brokers.

My approach

I shop all available options to best meet both individual and business needs. As a healthcare broker, I don’t work for any insurance company – I work to find the most comprehensive and affordable solutions for you. I’ll present options to help you prepare for open enrollment and help you navigate any changes in qualifying circumstances.

I work to reduce the costs of premiums, deductibles, and copayments. I help eliminate rising deductibles and out-of-pocket expenses by offering lower-cost accident and critical illness riders. They might even put money in your pocket if something unexpected happens.

If you’re a business owner concerned about the rising cost of employee healthcare, we have options that could reduce your employee cost, and even reduce or eliminate your healthcare expenses.

The goal in today’s complex, ever-changing environment is to know that your specific needs are taken care of, so you don’t have to worry about finances if the unthinkable happens. I’ll work with you or your group to find the optimal solution.

I offer a total package of supplemental benefits: disability, dental, vision, accident, critical illness, and life insurance, as well as traditional group and self-funded group plans.

My services are free and don’t end when your policy begins. I’m in your corner when you need help or have questions regarding your plan.

You may be surprised at the number of options I have available. You may also be surprised that there’s no fee for my services. As an independent agent, I represent you, not insurance companies. You can contact me at 513-773-5959 any time or email me at Rneuenschwander@myhst.com.