Working with health insurance brokers
Health insurance brokers represent many insurance companies. They can help you understand the products that may be right for you.
Brokers are required to be licensed by the states in which they practice. They make it their business to keep up with industry regulations and insurance provider plans, so they can recommend the best options for your company.
Why work with a broker?
Working with a broker can help you maximize your time when you're choosing coverage for your business. The broker can vet different plans for you and provide you with several quotes. They’ll explain the finer points of each plan, help enroll your employees, and assist if you want to renew with the same provider. Depending on your arrangement, the broker may also help with questions or problems once your coverage period begins.
Working with a broker may give you helpful insight when you're choosing a plan. For example, a broker may be able to tell you how a plan with a lower premium could mean you'll have fewer options when it comes to network doctors. Or, they may be able to explain how a plan with a higher premium may give you access to a wider range of health care providers.
How much does it cost to work with a broker?
Typically, brokers are commission-based and are paid by the companies they represent. They may receive a flat fee, percentage of the contract total, or a fee based on the number of plan participants. This means you pay no more for their advice and the insurance you purchase than if you were to purchase directly from an insurance company. A broker should discuss any fees for their services with you up front.
Will I be tied to a long-term contract?
Employer contracts are typically in effect for 1 calendar year. Once you have signed on with an insurance carrier, you're committed to keep that coverage until the end of the year. Before the end of the year, usually in the fall, you can choose whether or not you want to renew your contract with both the broker and the insurance carrier. If the coverage and service provided have been beneficial, your broker will provide updated information about coverage for the coming year. Your broker can also show you more options if you're interested in switching to a different insurance carrier.
Learn more about brokers
Before choosing to work with a health insurance broker, read about the process and the broker’s role.
Get coverage for your business
For companies with 2 to 50 employees
For companies with 51 or more employees
Want help finding a plan?
If you want help choosing a health plan for your company, you can work with an insurance professional who may represent a single company, or a broker who may be able to offer more options. Not sure what’s right for you? Call UnitedHealthcare or use the link below to learn more about United Advantage brokers.