When most people hear the title insurance broker they tend to think about homeowners’ insurance. These are usually independent contractors who are responsible for finding the best available policies for their clients. They do not represent a specific agency and instead maintain regular contact with many different agencies in order to find the best coverage and rates available. A health insurance broker does the exact same thing, only for health insurance.
What Does a Broker Do?
Brokers are authorized by health insurance agencies, such as iSure, to act on their behalf. They help their clients navigate the information gathering process in order to obtain a policy that will work best for them. Brokers need to be licensed in most states, which entails taking some courses and passing at least one examination. They are generally paid commission from the agency that their client selects for coverage.
Some of the types of things that people look for when considering a new health insurance policy may include:
- Co-pay amounts
- Dependent coverage
- HMO vs. PPO
- Types of procedures covered
A person’s priorities will change according to their individual coverage needs. If someone has long-term care needs that will probably take priority over the cost of office visit co-pay amounts. It’s always a good idea to talk to a specialist when researching new policies.