Health Insurance Broker

Health Insurance Broker

A health insurance broker is no different from a stock broker or any other broker; he or she just specializes in the health sector. A health insurance broker helps you find the most suitable insurance company by matching your requirements with the provisions offered by the various policies offered by health insurance companies.

If you do not currently have an insurance policy or you do not belong to any group insurance, you may well benefit from seeking the help of a health insurance broker. Self-employed or people with medical conditions typically seek the help of a health insurance broker. A health insurance broker also works for the benefit of the coordinators of a group insurance. The health insurance broker is given a list of benefits sought by an individual or a group coordinator.

Does a health insurance broker work for any specific company?

Usually a health insurance broker does not work for any specific company. A broker's job is to gather information about the policies offered by the various companies in the vicinity, the rates they charge, how they treat policy holders who submit medical claims very often and any other information.

Will it be costly to get a policy through a heath insurance broker?

Many times a health insurance broker makes an individual a member of a group plan offered by the state or trade union or organization. Health insurance brokers usually get a commission, which is given only if both parties reach an agreement.

The rates, laws and rules related to health insurance keep on changing very frequently, hence health insurance brokers are few in number. Moreover, most of the states require that health insurance brokers be licensed before they can work. You should seek the help of a health insurance broker if you are mired in the health insurance bureaucracy. In such a situation a health insurance broker might turn out to a great source of help for you.

Also check out my other guide on Term Life Insurance Rate.