Utah health insurance brokers provide the expertise that can be very helpful in finding the best plans for your business and guiding you toward the right choices. These individuals are licensed experts who:
- Know the market. They can discern the best products from the merely adequate.
- Know the law. They are versed in the state and federal regulations that can expose your business to serious liabilities.
- Know the industry. They have satisfied licensing requirements, which require them to keep up-to-date on the insurance market.
Brokers vs. Agents
When we say “broker,” we mean a professional who can direct you to products offered by a range of companies. This is in contrast to a health insurance agent, who works with only one company and promotes that company’s products. Technically, both of these types of professionals are licensed as insurance “agents,” but we distinguish between them based on common parlance. If you do not use a broker, you will likely work with an agent at each company you contact.
What Will the Broker Do?
Your broker will help you:
- Shop for the right plan(s) for you, and provide you with one or more premium quotes.
- Discuss alternatives with you so that you have a clear understanding of your plan choices.
- Implement the plan you select.
- Service the account, including solving problems with billing, eligibility and claims.
- Ease the burden on your time by doing the “legwork” for you.
- Get the most from your coverage after you’ve bought it.
- Assist with the renewal process.
Broker Commissions and Fees
Brokers earn a basic commission for their services, and sometimes charge extra fees as well. Commissions are typically based on a percentage of the annual premium and are included in the premium that you pay. In other words, a broker’s basic commission is built into the insurer’s rates, so everyone pays them whether they use a broker or not. Fees, on the other hand, may be charged for certain extra services. You’ll need to make sure you know what, if any, fees will be charged when working with a broker. Extra fees are generally paid directly to the broker.
Blackrock Benefits specialize in working with individuals and businesses to help them develop customized insurance plans that meet their unique needs. Many factors play into implementing the appropriate health insurance plan and for this reason, it is imperative that you work with a knowledgeable Utah health insurance broker.