Do you know what questions to ask your health insurance broker? People don’t ask enough questions. This leads to problems because you don’t know what you don’t know. The only way to resolve these issues is to listen to that funny feeling in your stomach saying “uh oh I don’t understand this or I don’t know that”. I see this all the time as a Health Insurance Broker. People come to me for health insurance and we are going through policies/options and it’s clear when the confusion sets in. There’s a distinct look of anxiousness followed up by a facade of confidence. Look there’s a lot of terminology and jargon that the average person doesn’t understand. I get that. So just a piece of advice when dealing with me or any other health insurance broker; put away your pride and ask as many questions as you can. Remember, this is your money at stake and you have every right to know how your money is being spent and by whom it is being spent.
Here are a list of questions you should ask either myself or other health insurance brokers when looking for better health insurance:
Q1. What are your qualifications/experience?
Ask questions about your insurance broker’s qualifications. You should want to feel confident about the person handling your insurance. Ask to see the broker’s license or look him/her up to determine legitimacy. Search for reviews of your broker as other customers will tell you all you need to know to determine if this person is trustworthy. Trust is key for a good business relationship.
Q2. Can You Tell Me More About Your Company?
First, ask how long the business has been around. Businesses that have been around longer tend to have more experience and longer established relationships with different health insurance companies. The more information you can gather before working on a policy will give you the confidence to walk away or devote your full trust to an insurance broker.
Q3. What Plans Do You Offer?
You need to have options. If you are not being provided options, you may need to find another broker. Your insurance broker should offer you different plans so that you can compare, in order, to choose one that meets your needs and budgets. Also, ask if indemnity health plans are available as these plans require a percentage of healthcare costs to be paid by you and the remainder to be paid by your health insurance company. Knowing as much as you can about the plans will help you choose the best one.
Q4. Do you charge fees?
Many health insurance brokers’ income is commission based. This means when brokers sell a plan, the health insurance company pays them a certain amount because they sold that plan. The commission amount should already be baked into the price of your policy, so you should not have to pay an extra amount to the broker afterwards. Knowing this, it would be in your best interest to ask your broker if there are any fees for using their services. By asking, you will be aware of any extra costs that will appear down the road or be able to see if you can avoid them completely.
Q5. What is my deductible? What is my monthly premium?
This does not mean only ask the meaning of terms but asking about the numbers too. Remember your insurance should meet your needs and YOUR BUDGET. If this is not the case, you either have/are being offered the wrong plan. Rule of thumb to keep in mind: The higher the price of your deductible, the lower the price of your monthly premium and vice versa. Before deciding on a plan, find out the dollar amount of what you must pay monthly and the dollar amount you must meet before your insurance company begins to cover your healthcare costs.
These are some of the basic questions to ask your health insurance broker when looking for health insurance. Emphasis on the word: basic. There are a plethora of questions that will run through your mind when speaking with a broker, but don’t be afraid to ask them. With that said, please add these questions to your memory to protect yourself from ignorance. These questions will protect you from making simple mistakes because you will not only know more but feel confident that you made the right choice with the right broker. Thanks again from Randy Roberts Insurance Agency-We’re the Insurances Centered Around You.
(n.d.). 7 QUESTIONS TO ASK YOUR HEALTH INSURANCE AGENT. Retrieved from http://classifieds.usatoday.com/blog/services/7-questions-ask-health-insurance-agent/
(n.d.).10 Tough Questions to Ask your Insurance Broker / Agent. Retrieved from https://www.profitableventure.com/questions-ask-insurance-agent/
(n.d.). What You Should Be Asking Your Health Insurance Broker. Retrieved from https://www.bbgbroker.com/health-insurance-broker-questions/Posted by