Learning The Secrets About Insurance

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Health Insurance Brokers– Do You Really Need One?

Are you considering buying health insurance for you and your family? If so, you may benefit from the assistance of a health insurance or medical insurance broker. A health insurance broker is someone who acts as a mediator between those looking to purchase health insurance and health insurance companies. For many people like yourself who are looking for health insurance or group insurance plans, health insurance brokers are a popular option. Although health insurance is used by a variety of people, they are often used by those who are self-employed (and do not have access to employer-based insurance) and those with pre-existing conditions– as these two groups may face more challenges when looking for health insurance.

Interestingly, a health insurance broker shares many of the job tasks of a realtor. Similar to that of a realtor, health insurance brokers work to ensure to get the best deal for their customers: health insurance brokers work to get health insurance that meets all the customers needs, and a real estate agent works to get the customer the best house or apartment at the best price. Once the perfect health insurance is found, both the insurance company and the customer sign documents legalizing the agreement.

Although many fear that because the health insurance broker works for the insurance company that they would not have the consumers’ best interest at heart, this could not be further from the truth. As a health insurance broker, one of their main job tasks is to be knowledgeable of the different health insurance companies, and which are the best fit for their clients. To add, health insurance brokers can also be an asset as they are generally knowledgeable about more intricate details of health insurance– including information about premiums, deductibles, claims and so much more. It is even possible that your insurance broker may be paid a small sum for referring consumers– only in the event that the customer actually signs up for the service.

The small sums that the health insurance broker receives for their work are called commissions. Health insurance brokers who do work on commission can receive their payment for their work in multiple ways. First, the insurance company themselves can pay the insurance broker their commission. Secondly, during the signing of the insurance purchase, the consumer themselves would pay this commission. Finally, in some cases, it even is possible that both the insurance company and the consumer would be responsible for paying the health insurance broker. Despite this, if the health insurance broker does their job well and you are happy with your insurance, the price paid to the broker may seem well worth the price.

As health insurance brokers are required to be licensed, you can rest assured that they will be working for you.

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