Whether you have lost health insurance coverage due to job loss, are contemplating retirement, or are unable to afford a plan, you may be wondering to whom you can turn for advice. A health insurance broker can help you manage the process from start to finish.
What is a health insurance broker?
Health insurance brokers are independent business professionals living and working in our communities. They work with many insurance companies to provide their clients with coverage that meets their needs. All health insurance brokers are licensed insurance agents, but not all agents are brokers. Brokers represent multiple companies, but work for their clients. They cannot charge any fees to you personally. Their compensation is paid by the insurance company.
Consider your licensed health insurance agent to be your personal shopper. He or she brings insurance expertise to the table. Agents are licensed and regulated by individual state insurance regulations.
While a health insurance broker has many roles, the most important may be in communicating the changes in laws and products. The uncertainty and exceptional circumstances of the COVID-19 public health emergency allowed for a special enrollment period of Feb. 15 to Aug. 15, 2021.
What will my insurance broker do for me?
Identify your individual and unique needs and requirements for health insurance, including Affordable Care Act (ACA) medical coverage through the government-run exchange, ACA-compliant coverage off the exchange, short-term policies and more.
Determine if you qualify for a premium subsidy (federal credits to reduce your monthly premium) and/or a “cost share reduction” (CSR), which lowers your deductible, copayments and out of pocket costs.
- Identify plans that include desired medical providers, hospital networks or specific prescription drugs.
- Determine if you need to enroll in Medicare A and B (for those who are eligible for Medicare).
- Assist you through the enrollment process.
- Assist you with ongoing service issues that occur after you have enrolled.
- Review options, changes in your needs and pricing for annual re-enrollment. Health insurance brokers are experienced, licensed professionals who are committed to helping you find affordable health insurance.
– Balanced Healthcare Solutions Inc. has an office in Woodstock. 678-842-0335. www.balancedhs.com.Balanced Healthcare Solutions Inc. has an office in Woodstock. 678-842-0335. www.balancedhs.com.